Chicago Climate Exchange (CCX) - Definition, glossary, details
This is the US first scheme for trading greenhouse gases in open
market. CCX was established in 2003 as a voluntary greenhouse reduction program
and offset trading program. The participants in this trading platform include
major corporations, financial institutions with activities in all 50 states of
USA, 6 provinces of Canada and 16 countries.
The commodity traded on CCX is the carbon financial instrument
contract which represents 100 metric tons of CO2 equivalents. Allowances
are issued to members in accordance with their emission baseline and reduction
schedule. Offsets are generated by the projects qualified/eligible for carbon
The nation’s first effort in carbon emissions cap and trade has come
to an end as the second commitment period to member companies of the Chicago
climate exchange ended in 2010. But the effect of this effort would be felt for
a long time.