The Chicago Climate Exchange (CCX) is the world’s first, and North America’s only, voluntary and legally binding greenhouse gas trading market. Since 2003, it has been the trading center for six greenhouse gases between businesses, who have committed themselves to reducing their emissions by six percent by 2010.
In the time since it started, the CCX has become associated with other similar exchanges including the European Climate Exchange, Chicago Climate Futures Exchange, Montreal Climate Exchange and the Tianjin Climate Exchange.
In 2000, founder of the CCX and economist Dr. Richard Sandor began studying the proposed cap and trade system that would be brought forward with enactment of the Kyoto Protocol and how it could work with national economies.
Sandor believed that private carbon trading market could be achievable as trading carbon would be similar to trading company shares on a stock exchange. When the Chicago Climate Exchange opened three years later, it had only thirteen members, today approximately 300 members trade greenhouse gases to reduce pollution.
Trimarchi, Maria. “How the Chicago Climate Exchange Works.” How Stuff Works. http://science.howstuffworks.com/environmental/green-science/chicago-climate-exchange.htm. Accessed July 26, 2016.