News |
|
 |
|
CCX and TERI Announce Partnership to Develop Greenhouse
Gas Emission Offsets in India
August 21, 2006 - The Chicago Climate Exchange® (CCX)
and The Energy and Resources Institute (TERI) entered
into an agreement to develop the greenhouse gas emission
offset market in India. New Delhi-based TERI is a leading
global think-tank and India’s premier organization
involved in environmental and energy policy.
As part of the agreement, TERI will facilitate the registration
of offsets projects primarily from the Indian Subcontinent.
The Chicago Climate Exchange greenhouse gas emission reduction
and trading program is supplemented by growing project-based
emission offsets portfolio, which includes agricultural
soil sequestration, methane capture and destruction, forestry
and renewable energy and energy efficiency offsets.
Commenting on the agreement, Dr R K Pachauri, Director-General
of TERI said, "We look forward to this initiative
for identifying projects that make a real difference in
the context of sustainable development of rural areas
of our country, while offering opportunities for offsetting
carbon. This partnership with CCX, while focusing on appropriate
sectors of the economy, will also underscore that markets
can work for the poor, if the intent and the design is
right, and we are encouraged by this prospect."
"We are very excited about the opportunities the
partnership with TERI has to offer." said Dr. Richard
L. Sandor, Chairman and CEO of CCX. "This could lay
the foundations to foster valuable understanding and practice
of how trading provides direct financial incentives for
new low-cost emission control technology and other approaches
to reduce emissions while enhancing the local environment
in India. We hope that the standardized offset protocol,
streamlined approval process and electronic trading feature
that CCX has to offer will be attractive to Indian participants."
The CCX offset program when targeted to rural areas can
provide India’s rural poor a unique opportunity
to channel environmental services to the market and begin
preparing the basis to participate in these new income
opportunities. It is also a tool to harness the entrepreneurial
skills in villages, enabling the emergence of potential
rural profit centers.
####
About Chicago Climate Exchange, Inc.
CCX is North America’s only, and the world’s
first, legally binding multi-sectoral, rule-based and
integrated greenhouse gas emission registry, reduction
and trading system CCX members reflect a cross-section
of major public and private sector North American entities,
including Abitibi-Consolidated, Manitoba Hydro, Ford Motor,
International Paper, IBM, DuPont, American Electric Power,
cities such as Chicago, Oakland, California; Boulder,
Colorado, Portland, Oregon and the State of New Mexico
as well as non-industrial environmental innovators such
as World Resources Institute, and the Rocky Mountain Institute.
CCX now has members globally, including, Beijing Shenwu
Thermal Company, a leading Chinese provider of energy
reduction technologies. Emissions reductions achieved
through the CCX market are significant in scale and impact.
CCX Members gain practical experience by building an efficient
emissions management and monitoring system, while also
acquiring cutting edge measurement and trading skills
that will be needed in short and long term as the world
comes to terms with the climate change challenge. European
Climate Exchange (ECX) a wholly-owned subsidiary of CCX
manages the sales and marketing for ECX Carbon Financial
Instruments (ECX CFI contracts) in the European Union
Emissions Trading Scheme system. The 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 work in founding CCX, as well as one
of the Top 100 Influential persons in finance by Treasury
and Risk Management magazine. For more information, please
visit www.chicagoclimateexchange.com.
About The Energy and Resources Institute
Established in 1974, The Energy and Resources Institute
(TERI) covers every aspect of sustainable development.
Activities range from providing environment-friendly solutions
to rural energy problems to helping shape the development
of the Indian oil and gas sector. The institute helps
formulate strategies on a local and national level as
well as proposing global solutions to critical energy
and environment-related issues. TERI has been involved
with the CDM concept since its inception, and has been
undertaking research related to the economic, political,
and quantitative aspects of the mechanism, along with
information dissemination and project development activities.
It has the unique advantage of being able to draw upon
its 350-strong team of research professionals, who specialize
in sectors ranging across power, small-scale industries,
renewables, transport, building energy, oil and gas, coal,
and forestry.
For more information, log on to www.teriin.org
For information please contact:
Rafael Marques
Chicago Climate Exchange
+01 (312) 554-3350
+01 (312) 554-3373
rmarques@chicagoclimateexchange.com
www.chicagoclimateexchange.com
|
