Mili Note: Al Gore Pockets $18 million + thanks to this, people.
The closing this week of the Chicago Climate Exchange, which was envisioned to be the key player in the trillion-dollar “cap and trade” market, was the final nail in the coffin of the Obama administration’s effort to pass the controversial program meant to combat global warming.
“It is dead for the foreseeable future,” said Myron Ebell, director of the Center for Energy and the Environment with the Competitive Energy Institute, which had fought the measure.
That assessment was echoed by environmentalists as well.
“Economy-wide cap and trade died of what amounts to natural causes in Washington,” said Fred Krupp, president of the Environmental Defense Fund, which had supported the plan.
The CCX was set up in 2000 in anticipation of the United States joining Europe and other countries around the world to create a market that would reduce the emission of greenhouse gases. Under the system, factories, utilities and other businesses would be given an emissions target. Those that emitted less fewer regulated gases than their target could sell the “excess” to someone who was above target. Each year, the target figures would be reset lower.