Chicago Climate Exchange® (CCX®), which launched its greenhouse gas trading operations in 2003, today announced the results of its auction of Carbon Financial Instrument (CFI) contracts conducted on behalf of the United States House of Representatives at its request. A financial institution, CCX is the world’s first and North America’s only voluntary, legally binding greenhouse gas emissions reduction, registry and trading system. The reverse auction was a bid for 300 CFIs representing 30,000 metric tons of CO2 equivalent from a diverse pool of USbased projects that have offset a concomitant amount of greenhouse gas emissions. The House will retire the tons purchased as one of several strategies to reduce the contribution to greenhouse gas accumulation derived from the operations of the US House. The auction was oversubscribed with a weighted average clearing price of $2.97/ton.
The event was held at the Chicago offices of CCX and attended by U.S. Representatives Rahm Emanuel, Mark Kirk, and Dan Lipinski and U.S. House of Representatives Chief Administrative Officer (CAO) Dan Beard.
The Auction was held to meet the request of the U.S. House of Representatives (a CCX Exchange Participant) to purchase CFI contracts derived from U.S.-based greenhouse gas mitigation projects and was conducted as part of the “Greening of the Capitol Initiative” being administered through the Chief Administrative Officer of the U.S. House of Representatives and described in the June 21, 2007 report “Green the Capitol Initiative.”
“We are pleased to have the Chicago Climate Exchange provide a price transparency mechanism through this auction service to U. S. House of Representatives as part of its “Greening of the Capitol Initiative,” said Dr. Richard Sandor, Chairman and CEO of CCX. “The U.S. House of Representative’s purchase of CCX Carbon Financial Instrument contracts highlights the contribution to climate change solutions being made by renewable energy providers, farmers, foresters, ranchers, and others, located across the United States, who are also helping build the environmental and financial institutions that can cost-effectively help address environmental concerns for generations to come.”
For more information on this CCX Auction and Auction Offer Forms, please visit the CCX Auction website at http://www.theccx.com/content.jsf?id=1383