Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Chicago Climate Exchange to shut down emissions trading

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- The Chicago Climate Exchange, a pilot program for the trading of greenhouse gases in the U.S., is shutting down for lack of legislative interest.

Chicago Climate Exchange Inc., will close down its cap-and-trade market by the end of the year, said spokeswoman Brookly McLaughlin.

This will effectively end the trading of emissions credits in North America. The exchange will, however, continue some activities until 2012, including the mitigating of emissions in farming and forestry through a crediting process, said McLaughlin.

IntercontinentalExchange (ICE), an Atlanta-based operator of exchanges and markets, confirmed that it is winding down the Chicago Climate Exchange, which is the American part of a larger, international company called Climate Exchange.

IntercontinentalExchange is closing the Chicago operations just months after paying nearly $600 million for Climate Exchange. But the company will continue to operate the Climate Exchange's markets for greenhouse gases in Europe, said spokeswoman Melanie Shale.

Shale said that emissions trading, also known as cap and trade, effectively ended in the U.S. when climate legislation died in the Senate. But it's still going strong overseas, she said.

"It has to do with the current administration and their outlook on the U.S. for cap and trade," said Shale. "Obviously it's a market that's moving forward in Europe."

She added that the Climate Exchange "was purchased for its bigger European business." To top of page

Index Last Change % Change
Dow 24,524.91 138.88 0.57%
Nasdaq 6,876.08 1.00 0.01%
S&P 500 2,667.49 7.50 0.28%
Treasuries 2.41 0.03 1.13%
Data as of 12:45pm ET
Company Price Change % Change
General Electric Co 18.00 0.35 1.99%
Bank of America Corp... 29.26 0.32 1.12%
Advanced Micro Devic... 9.94 -0.22 -2.17%
Micron Technology In... 42.22 -0.79 -1.84%
Comcast Corp 39.09 0.65 1.69%
Data as of 12:30pm ET
Sponsors

Sections

More than 5% of DACA recipients have started their own businesses since enrolling the program, according to a recent survey. More

A report from consulting firm Korn Ferry predicts that workers around the world will get a real pay increase of just 1.5% on average in 2018. More

The company said on Tuesday its hybrid gaming system -- one part mobile, one part home console -- sold 10 million units since its March 2017 launch. More