Tuesday, August 23, 2011

Chicago Climate Futures Exchange to shut down

Citing ongoing financial losses and the hopelessness of any prospects for a U.S. climate action plan in the foreseeable future, Intercontinental Exchange Inc. announced that it will close the eight-year-old Chicago Climate Futures Exchange (CCFE) by the end of the first quarter of 2012.

The closing of the CCFE puts more pressure on the EU, Western Climate Initiative and the State of California to take the lead on emissions trading. The Canadian province of Saskatchewan is set to introduce their own emissions trading scheme but will likely wait until a larger jurisdiction or group takes the lead.

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