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Chicago Climate Exchange® (CCX)® announced today that it has signed an agreement with the People’s Bank of China Research Institute of Finance and the China National Petroleum Corporation Assets Management (CNPC-AM) to establish a new center that will conduct research on financing of low carbon initiatives, including large-scale demonstrations of market-based methods for addressing environmental challenges in China and improving energy efficiency. The new center will be called the China-U.S. Low Carbon Finance and Development Research Center.
“This initiative is further evidence that China and the United States can work together, using financial innovation, to help address greenhouse gas emissions, and lead in the global effort to confront climate change,” said CCX Chairman and founder Richard L. Sandor.
“We look forward to working together to provide critical research in the new and important area of low carbon economic development, and to being a vital component of the educational process in China,” said People’s Bank of China Governor Zhou Xiaochuan when he met with Sandor in Beijing last month.
Sandor will serve as the first Chairman of the research center, which will sponsor and initiate joint research and issue periodic research reports. Sandor is a research professor at the Kellogg Graduate School of Management at Northwestern University where he teaches a course on environmental finance.
In September 2008, CCX, CNPC and the City of Tianjin opened the Tianjin Climate Exchange (TCX), a joint venture and China’s first exchange established to design and market environmental products. TCX will serve as the exchange platform for the new Center.
Sandor also serves as Executive Chairman of Climate Exchange plc. Climate Exchange plc owns CCX, including the CCX-subsidiary Chicago Climate Futures Exchange® (CCFE®), as well as the European Climate Exchange (ECX). Climate Exchange plc is a publicly traded company listed on the AIM division of the London Stock Exchange (CLE.L).
