Isle of Man, UK--(Marketwire - May 29, 2007) - PRESS RELEASE
For Immediate Release
29 May 2007
CLIMATE EXCHANGE PLC
FORMATION OF THE CALIFORNIA CLIMATE EXCHANGE
The Chicago Climate Exchange, a wholly owned subsidiary of Climate
Exchange Plc, announces that it is forming the California Climate
Exchange. The full text of the press release follows:
Chicago Climate Exchange, Inc. (CCX) announces formation of the
California Climate Exchange (CaCX)
New Exchange to develop financial instruments relevant to California's
Global Warming Solutions Act
(May 2007) Chicago Climate Exchange, Inc. (CCX) announced today that it is
forming the California Climate Exchange (CaCX) to develop and trade
financial instruments relevant to the California Global Warming Solutions
Act, AB32, recently signed by Governor Arnold Schwarzenegger, which calls
for a mandatory reduction in California's greenhouse gas emissions as of
2012, with mandatory reporting of emissions to commence in 2008.
"We congratulate the pioneering initiative of the great State of
California, the legislature and the people of California and know that
implementing any emissions trading that may ensue will require price
transparency and efficient, exchange-based systems for maximum success,"
said Dr. Richard L. Sandor, Chairman and CEO of Chicago Climate Exchange.
He added, "CCX has uniquely already accomplished a demonstration linkage
between CCX, the only operational cap-and-trade greenhouse gas system in
the United States, and the only other operational trading system, the
European Union's Emissions Trading Scheme, through our member, Baxter
Pharmaceuticals. To the extent a market emerges in California, CCX and
the California Climate Exchange can easily and cost-efficiently
accomplish linkage with other national, regional and global markets."
Product development will be ready for operation in accordance with the
evolution and needs of California and AB32. CCX has a number of members
with headquarters and operations in California, including Sacramento
County, the cities of Oakland and Berkeley, Safeway, Cloverland,
Environmental Credit Corporation, Intel, and Sony Electronics.
Contacts
Richard Sandor, Chairman, Climate Exchange Plc 001 312 554 3370
Neil Eckert, CEO, Climate Exchange Plc 0207 382 7801
Peter Rigby/Alexandra Parry, Haggie Financial 0207 417 8989
About Climate Exchange Plc
Climate Exchange Plc is a holding company whose subsidiaries are
principally engaged in owning, operating and developing exchanges to
facilitate trading in environmental financial instruments including
emissions reduction credits in both voluntary and mandatory markets. The
two main businesses are the Chicago Climate Exchange (CCX) which operates
a voluntary but legally binding cap and trade system including an
exchange for CO2 emissions as well as SOx and NOx contracts in the US and
internationally, and the European Climate Exchange (ECX) which operates
an exchange focussed on compliance certificates for the mandatory
European Emissions Trading Scheme.
http://climateexchange.com
About Chicago Climate Exchange, Inc.
CCX is a financial institution whose objectives are to apply financial
innovation and incentives to advance social, environmental and economic
goals. CCX is the world's first and North America's only legally binding
rules-based greenhouse gas emissions allowance trading system, as well as
the world's only global system for emissions trading based on all six
greenhouse gases. CCX members are leaders in greenhouse gas management
and represent all sectors of the global economy, as well as public sector
innovators. Reductions achieved through CCX are the only reductions in
North America being achieved through a legally binding compliance regime,
providing independent third party verification provided by NASD and price
transparency. The founder, Chairman and CEO of CCX is economist and
financial innovator Dr. Richard L. Sandor, who was named a Hero of the
Planet by Time magazine for his founding of CCX. For a full list of CCX
members, daily prices and other Exchange information, see
http://www.chicagoclimateexchange.com.
CCX, a US corporation, launched its trading platform in 2003. In 2005, CCX
launched the European Climate Exchange (ECX), now the leading exchange
operating in the European Union Emissions Trading Scheme. CCX also
launched the Chicago Climate Futures Exchange (CCFE), a CFTC-regulated
futures exchange for U.S. SO2 allowances and U.S. NOx Ozone Season
allowances, the world's first environmental derivatives exchange. Since
2006, CCX, ECX and CCFE have been owned by Climate Exchange Plc, a
publicly traded company listed on the AIM of the London Stock Exchange.
About European Climate Exchange
The European Climate Exchange (ECX) manages product development and
marketing of Carbon Financial Instruments (CFI) futures and options
contracts on CO2 EU allowances traded under the EU Emissions Trading
Scheme.
ECX CFI contracts are listed and traded on the ICE Futures electronic
platform, offering a central marketplace for emissions trading in Europe
with standard contracts and clearing guarantees provided by LCH.Clearnet.
ECX/ ICE Futures is the most liquid, pan-European Exchange for carbon
emissions trading. More than 80 leading global businesses have signed up
for membership to trade ECX products. In addition, several hundred
clients can access the market via banks and brokers.
This information is provided by RNS
The company news service from the London Stock Exchange