California environmental regulators running the nation’s first economy-wide carbon cap-and-trade program defeated a lawsuit that claims the system contains a loophole so companies can avoid reducing carbon emissions.
The Green Exchange LLC , an emissions trading platform that operated within CME Group Inc. ’s New York Mercantile Exchange and counts Goldman Sachs Group Inc. and JPMorgan Chase & Co. among its members, has won the approval of U.S. regulators to operate independently.
California carbon is trading at a record low as legal threats, political opposition and rule changes plague the days leading up to the first auction of permits under the state’s greenhouse-gas program.
The proposed U.S. climate law adds to uncertainty about the future of United Nations emissions credits and bans some industrial gas offsets, an executive at the Green Exchange International LLC said today.
California carbon rose to the highest level in almost two months as more companies were seen trading allowances and on speculation that Edison International’s San Onofre nuclear power plant will remain shut next year.
The Green Exchange LLC, an emissions trading platform that operates within CME Group Inc.’s New York Mercantile Exchange and counts Goldman Sachs Group Inc. and JPMorgan Chase & Co. among its members, has asked U.S. regulators for permission to operate independently.
The European Union proposed a ban from the start of 2013 on tradable credits linked to certain industrial gases, prompting exchanges to begin creating new futures contracts to reflect a change in emissions regulation.