Death to the Chicago Climate Exchange ($7.40 to a nickel per CO2 ton, the market has spoken)
“One of the keystones of the Climate Change alarmist movement was its audacious attempt to create a functioning market by monetizing the atmospheric gas known as CO2…. Certainly, gaming the system has always been at the top on the agenda of the new green eco-trader.” – Patrick Henningsen, “The Great Collapse of the Chicago Climate Exchange,” 21st Century Wire, August 28, 2010.
We were tipped off by the August 28th headline, “The Great Collapse of the Chicago Climate Exchange,” by Patrick Henningsen, editor of 21st Century Wire. And now it is official as reported by Chicago Business, Fox News , and Crain’s Chicago Business (sub. required): the Chicago Climate Exchange (CCX) is dead. Trading in carbon-dioxide (CO2) emission contracts at CCX has basically ceased with member emissions-reduction agreements expiring at the end of the year.
The death rattles have come with each price decline per ton of carbon credits. Compared to $7.40 per ton in May 2008 when cap-and-trade legislation was eagerly anticipated, CCX’s market price tanked to $0.10 per ton in August 2010 and half that last month. So much for a contrived opportunity in a pretense market. What a difference a couple of years, a few scientific scandals, and old-fashioned political gridlock make.