The Chicago Climate Exchange (CCX)
Location: Worldwide
Project type: Carbon Financial Instruments and Carbon Offsets
Standard: Chicago Climate Exchange
Verification/Validation: Various
Environmental Benefits
- Mitigates climate change
- Allowances and offsets have additional environmental benefits depending on the project sector
Community Benefits
- Similar to Environmental Benefits, the Community Benefits from CCX allowances and offsets depend on the specific activities
Project Description
Carbonfund.org is an Associate Member of the Chicago Climate Exchange (CCX) in order to purchase and permanently retire what are known as Carbon Financial Instruments (CFIs) from the exchange. The CCX is North America’s largest carbon trading market to reduce CO2 emissions. Carbonfund.org is buying and retiring these allowances which would otherwise be used by polluting, non-compliant companies as well as buying and retiring registered offsets.
CCX members calculate their emissions from a 1998-2001 baseline and are required to reduce their emissions 4% by 2006 and 6% by 2010. If members exceed their target CO2 reductions, they may sell their credits; if they fall short, they must buy credits. Essentially, by retiring our CCX purchases instead of continuing to trade them, this forces companies to increase and maintain their productivity while releasing less carbon - the definition of energy efficiency.
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