What is the Chicaco Climate Exchange?
"In December 2004 the University of Minnesota joined the Chicago Climate Exchange (CCX), a voluntary, legally binding multisector market for reducing and trading greenhouse gas emissions. "
In December 2004 the University of Minnesota joined the Chicago Climate Exchange (CCX), a voluntary, legally binding multisector market for reducing and trading greenhouse gas emissions. The university is the fourth educational institution and the largest public research university to join CCX. The action places the university in a small but growing group of organizations committed to the development of a rules-based North American greenhouse gas emission reduction program, and involves the Energy Management division of Facilities Management, the Initiative for Renewable Energy and the Environment (IREE), the College of Biological Sciences, and many scholars from across our campus.
The Chicago Climate Exchange is a pilot program for reducing and trading greenhouse gas emissions in the United States, Canada and Mexico. Members with direct emissions have agreed to reduce their emissions of greenhouse gases by four percent below the average of their 1998-2001 baselines by 2006, the last year of the pilot program. Members that make further reductions can be compensated by selling reduction credits to members for whom a four percent reduction would be technically or economically difficult. Greenhouse gases covered by the agreement are carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulfur hexafluoride.