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AGRICULTURE REPORT - Carbon Trading: How the Chicago Climate Exchange WorksBy Mario Ritter

Broadcast: Tuesday, May 30, 2006

I'm Shep O'Neal with the VOA Special English Agriculture Report.


Agriculture Report

A carbon exchange is like a stock exchange for pollution. The idea of trading in greenhouse gases has its roots in the Kyoto Protocol1. This is the international treaty to reduce levels of gases that trap heat and are linked to climate change.

The Chicago Climate Exchange is known as the CCX. It provides a market for businesses to trade on the release and capture of carbon dioxide and other greenhouse gases.

Agricultural businesses can earn credits because plants remove carbon dioxide from the air. The process is called carbon sequestration.

Six different polluting gases are traded on the CCX. These include carbon dioxide, methane3 and nitrous oxide2.

So how do people trade in greenhouse gases? The system is called cap and trade. Members agree to reduce the amount of greenhouse gases they release into the atmosphere by a percentage. That limit is the cap.

Trading takes place when members release less than their limit. That leaves them with a surplus of emission4 credits. These credits can then be sold to members that have released more than their limit.

Market forces drive the price of the credits. The credits are called Carbon Financial Instruments. Each credit is equal to one hundred metric tons of carbon dioxide, the most common greenhouse gas.

By this December, members of the CCX are supposed to have reduced their emissions5 four percent below levels in a baseline period. That period is nineteen ninety-eight to two thousand one. A six percent reduction is the target for two thousand ten.

The CCX was the first carbon exchange when it opened in two thousand three. Today it is the only exchange of its kind in North America. In Europe, big producers of greenhouse gases are required to take part in emissions trading. The CCX owns the European Climate Exchange, in the Netherlands.

No one is required to take part in the Chicago Climate Exchange. But those who do are legally required to observe their emission agreements and the rules of the exchange.

Richard Sandor started the CCX. He helped develop the financial futures6 market for the Chicago Board of Trade. Mister Sandor has said he thinks the market for carbon credits could one day be larger than the market for oil.

This VOA Special English Agriculture Report was written by Mario Ritter. Read and listen to our reports at www.unsv.com. I'm Shep O'Neal.



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1 protocol nRQxG     
n.议定书，草约，会谈记录，外交礼节
参考例句：
  • We must observe the correct protocol.我们必须遵守应有的礼仪。
  • The statesmen signed a protocol.那些政治家签了议定书。
2 oxide K4dz8     
n.氧化物
参考例句：
  • Oxide is usually seen in our daily life.在我们的日常生活中氧化物很常见。
  • How can you get rid of this oxide coating?你们该怎样除去这些氧化皮？
3 methane t1Eyx     
n.甲烷，沼气
参考例句：
  • The blast was caused by pockets of methane gas that ignited.爆炸是由数袋甲烷气体着火引起的。
  • Methane may have extraterrestrial significance.甲烷具有星际意义。
4 emission vjnz4     
n.发出物，散发物；发出，散发
参考例句：
  • Rigorous measures will be taken to reduce the total pollutant emission.采取严格有力措施，降低污染物排放总量。
  • Finally,the way to effectively control particulate emission is pointed out.最后，指出有效降低颗粒排放的方向。
5 emissions 1a87f8769eb755734e056efecb5e2da9     
排放物( emission的名词复数 )； 散发物（尤指气体）
参考例句：
  • Most scientists accept that climate change is linked to carbon emissions. 大多数科学家都相信气候变化与排放的含碳气体有关。
  • Dangerous emissions radiate from plutonium. 危险的辐射物从钚放散出来。
6 futures Isdz1Q     
n.期货，期货交易
参考例句：
  • He continued his operations in cotton futures.他继续进行棉花期货交易。
  • Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

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