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Chicago Climate Futures Exchange™ (CCFE™), a wholly-owned subsidiary of Chicago Climate Exchange® Inc. (CCX®) announced today it will host an auction of Certified Emission Reductions (CERs) on Monday, September 24, 2007. The Auction makes available CER allowances representing 163,784 metric tons CO2 that have been issued by the United Nations Framework Convention on Climate Change (UNFCCC) to a wind energy farm in India. Interested bidders must register with CCX in advance to take part in the auction. The event marks the first time in the world that an auction of CERs is done on an organized exchange.
CERs are tradable instruments, issued under the United Nations Clean Development Mechanism, for approved and verified greenhouse gas (GHG) emission reduction and sequestration projects undertaken in developing countries. The Kyoto Protocol allows national and corporate GHG reduction goals to be met through the use of CERs. These instruments are fast emerging as the international currency in the global markets for reducing GHG emissions. CCFE already offers a futures contract on CERs.
“We are pleased to be the first exchange in the world to operate an auction of CERs. Offering this service represents our commitment to offer products to serve the needs of the emerging environmental markets worldwide,” said Dr. Richard Sandor, CCX’s Chairman and CEO. “As the market for CERs grows and consolidates around the world, the value proposition of organized markets that bring standardization, reliability and price transparency to users is critical.”
For more information on the CCX CER auction please visit the CCX Auction website at http://www.theccx.com/content.jsf?id=1383 or contact Michael MacGregor at 312 229 5122 or Rob McAndrew at +1 312 229 5124
