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Sat, 25 Aug 2007
Chicago Climate Exchange (CCX) launched its futures contracts on Certified Emission Reductions yesterday, with a contract of 1,000 metric tons of carbon dioxide equivalent changing hands. The Certified Emission Reductions (CER) futures contract is the first time that hedging tools for CERs, a Kyoto Protocol compliant emissions instrument, was traded in an exchange in North America.
These trades, already popular in Europe, are becoming the new "carbon standard" currency among civilized countries that support the UN Clean Development Mechanism for approved and verified greenhouse gas (GHG) emission reduction and sequestration projects undertaken in developing countries, and link domestic GHG markets with international ones.