Tag Archives: CCX

CCX Finally Closes for Good

Per the New York Times the Chicago Climate Exchange (CCX) has finally closed their doors for good as of December 31, 2010. However,  Porky Pig was not seen saying “th-th-th-that’s all folks!”

As usual it seems they have hope that everybody will get stupid again and give them another shot at it. Why? Well, while Congress has said no to cap & trade as have the Japanese, it seems the greentards in places like California are giving them hope.

I’d liken it to fishing. You can cast a lure out and reel it in and watch 10 fish totally ignore it, 5 fish look it over close and swim off, but there’s always one or two if the dumber ones who will take the bait. California is like one of those dumb fish.

Calif. keeps hope alive

But California’s recent moves toward mandatory emissions trading is breathing new life into the market. RGGI officials are also in talks to reform their system. And CCX officials say that although they’ve closed their contractually binding trading platform, they aim to leverage their relationship with some of the nation’s largest companies to revitalize the voluntary carbon market, while maintaining their dominant position as the largest host of trading in a variety of environmental commodities.

It gets even funnier. We all know that if you’re going to spend the kind of money it takes to start a carbon trading firm that you expect it to be a money-making business. At least I’d think anyone with a brain would. But, now that CCX has fallen flat on its face, it seems the warmer excuses are coming out of the woodwork.

“The point was to get companies familiar with allowances and trading, and how to do that and how to use offsets and exchange them on a platform. And that has all been accomplished,” said Lisa Zelljadt, an analyst at the carbon market research firm Point Carbon. “So with the advent of mandatory programs like RGGI and now California … the sort of experimental value of CCX as it was is over.”

Funny how the point suddenly changed from making money to getting “companies familiar’ and that now it was only an experiment. Laughable indeed.

I do like how they call them “CFI’s.” Might stand for ‘Complete “F***ing Idiocy in my book. If the aforementioned wasn’t enough for you here’s more on why I made that remark.

CFIs once traded as high as $7.50 per metric ton of CO2-equivalent emissions, but as of last Friday, the exchange trading price was just 5 cents, the same price they’ve been at for more than a year.

“Quite frankly, the market has pretty much collapsed,” said James Hugh, who handles CCX transactions for the utility PSEG. “There really isn’t all that much to do there.”

Yes, the price is at a whopping 5 cents per ton. A real money-maker, eh? Collapse? I’d say more like a nuclear explosion.

You can read all the other blithering and excuses at the source link below, but the bottom line is FAIL! That’s also next on the agenda for California thanks to AB32 and the support of the Gentardnator. More CO2 Insanity.

Source: New York Times

 

 

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Filed under AB32 California, California, Cap & Trade, Climate Change, CO2, Co2 Insanity, Global Warming, Government, Prop 23, Renewable Energy

Closing Chicago Climate Exchange costs taxpayers

While I’m happy carbon trading just died, it seems one astute person has picked up on the fact that even in the CCX’s death throws they will have one final screw of the US taxpayers. From American Thinker we get an article appropriately titled “Money for nothin’.”

Why are welfare queens sent to prison while eco-capitalists buy mansions?  It appears that the carbon credit trading exchange some eco-capitalists sold just a few months ago for $634.5M is now worthless.  According to the Financial Times

The owner of the US’s only nationwide cap-and-trade market has signaled the death of the seven-year-old industry, saying companies were no longer interested in trading carbon emissions credits in the absence of government legislation.

Start bending over while you read the rest of the article at the source below. More CO2 Insanity.

Source: American Thinker

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Filed under Carbon Trading, Co2 Insanity, Global Warming

Carbon Trade Ends on Quiet Death of Chicago Climate Exchange-John O’Sullivan

 

Published Nov 7, 2010

 

Republican mid-term election joy deals financial uncertainty among green investors as the Chicago Climate Exchange announces the end of U.S. carbon trading.

 

The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. However, Steve Milloy reporting on Pajamasmedia.com (November 6, 2010) finds this huge story strangely unreported by the mainstream media.

To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.” Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media. Milloy noted that a “Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.”

Not until November 02, 2010 had the story even been picked up briefly and that was by Chicagobusiness.com (Crain’s). Reporter, Paul Merrion appeared to find some comfort that while CCX will cease all trading of new emission allowances at the end of the year, “it will continue trading carbon offsets generated by projects that consume greenhouse gases, such as planting trees.”

Collapse is Personal Setback for U.S. President

Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion. Fortunately before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.

Read the rest of the article at the source:  Suite101

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Filed under Carbon Trading, Co2 Insanity, Financial, Global Warming, Government, John O'Sullivan, Obama