Like a puff of smoke, Chicago Climate Exchange just fades away

In August, The Examiner reported that the Chicago Climate Exchange (CCX) was laying off employees.

Two months later, drowned out by the hubbub of the mid-term elections, came an Oct. 21 announcement that CCX would end carbon trading which, as PajamasMedia’s Steve Milloy pointed out, was “the only purpose for which it was founded.”

Funded by the left-wing Joyce Foundation, whose former board included none other than future president Barack Obama, Northwestern University professor Richard Sandor set up CCX as a “voluntary” method of trading “carbon credits.” It was envisioned as the main clearinghouse for what would eventually have been a $10 trillion decidedly non-voluntary market had cap-and-trade legislation passed the Senate as it did the House.

Former Fannie Mae CEO Franklin Raines had already secured a patent for technology to extend carbon trading at CCX to individual residences. Had things gone according to plan, every business, non-profit organization and home in America that emitted carbon – which is all of them – would have formed an enormous revenue stream for savvy insiders such as Al Gore’s Generation Investment Management and Goldman Sachs — CCX’s two largest investors – while imposing a crippling energy tax on everybody else.

Now that CCX itsef is disappearing like a puff of smoke, we can all breathe out carbon dioxide a lot easier.

Barack ObamaBeltway ConfidentialGoldman SachsUS

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

City officials closed San Francisco County Jail No. 4 on the top floor of the Hall of Justice at 850 Bryant St. in September, reducing the number of beds in the jail system by about 400. 
Kevin N. Hume/
S.F. Examiner
SF jail closure prompts doctor to call for release of more inmates

Reduced space increases risk of COVID-19 spreading among those in custody

Cyclists have flocked to Market Street since private vehicles were largely banned from a long stretch of it in January. (Amanda Peterson/Special to the S.F. Examiner)
Plans for sidewalk-level bikeway on Market Street dropped due to costs, increased cyclist volume

Advocates say revisions to Better Market Street fail to meet safety goals of project

Prop. 21 would allow San Francisco city officials to expand rent control to cover thousands more units. (Kevin N. Hume/S.F. Examiner)
Tenant advocates take another try at expanding rent control with Prop. 21

Measure would allow city to impose new protections on properties 15 years or older

Tenderloin residents are finding benefits to having roads closed in the neighborhood. <ins>(Kevin N. Hume/S.F. Examiner)</ins>
Should there be fewer cars in the Tenderloin’s future?

The pandemic has opened San Franciscans’ eyes to new uses of urban streets

Singer-songwriter Cam is finding musicmaking to be healing during 2020’s world health crisis. 
Courtesy 
Dennis Leupold
Cam challenges country music tropes

Bay Area-bred songwriter releases ‘The Otherside’

Most Read