chicago — After 10 years of existence, the U.S.’s only carbon credit trading exchange is ceasing operation next month. Only 2 years ago “cap and trade” economic policies appeared almost inevitable. Now that the 2010 election resulted in Republicans seizing control of the House of Representatives, and gained seats in the Senate, it looks like we may be able to avoid the unpopular tax scheme that would drive U.S. energy prices sky-high and aggravate the present economic recession.
According to pajamasmedia.com:
The CCX was the brainchild of Northwestern University business professor Richard Sandor, who used $1.1 million in grants from the Chicago-based left-wing Joyce Foundation to launch the CCX. For his efforts, Time named Sandor as one of its Heroes of the Planet in 2002 and one of its Heroes of the Environment in 2007.
The CCX seemed to have a lock on success. Not only was a young Barack Obama a board member of the Joyce Foundation that funded the fledgling CCX, but over the years it attracted such big name climate investors as Goldman Sachs and Al Gore’s Generation Investment Management.
The end for CCX was driven by failure of the Senate to pass cap and trade legislation, the ongoing recession, climategate, the tea party movement, and the outcome of the 2010 election.
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Read more:
Milloy, Steve. If Al Gore’s Chicago Climate Exchange Suffers Total Failure, Does the MSM Make a Sound? PajamasMedia. 6 Nov 2010.
Herrere, Tilde. Pioneering Cap-and-Trade Program to Fade into the Sunset. Reuters News Service. 8 Nov 2010.
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