The Chicago Climate Exchange (CCX), a voluntary emissions trading program, recently announced that it will be incorporating International Organization for Standardization (ISO) standards into its project design criteria; currently, project proponents must follow these criteria before the CCX will issue them tradable offset credits – which it bundles as Carbon Financial Instruments (CFIs) – for the sequestration, destruction or reduction of GHG emissions. The ISO standards will add more stringent requirements to CCX’s project design criteria, particularly with respect to quantifying, monitoring and reporting GHG emission reductions or removals.
In the draft of the climate bill proposed by U.S. Congressmen Henry Waxman and Edward Markey (Waxman-Markey Bill), which is currently being considered in the U.S. Senate, CFIs could be used for compliance with the bill’s proposed federal U.S. cap-and-trade system.
For further information, please see CCX Offsets Program.