With the price of carbon a 10 cents a ton, the new owners of the Chicago Carbon Exchange have decided to lower the exchanges carbon foot print by laying off staff. Details in this Reuters story:
LONDON, Aug 11 (Reuters) – Market operator Intercontinental Exchange Inc. (ICE.N) is laying off staff at newly acquired U.S. environmental bourse the Chicago Climate Exchange (CCX), industry sources told Reuters, citing a lack of U.S. action on climate change.
They said the first round of layoffs began on July 23 and, although the total number of jobs to be cut was unknown, one said around 25 employees, or roughly half CCX’s headcount at the time of ICE’s acquisition, had already been or were being let go.
ICE would not confirm or comment on the layoffs.
“ICE just came in one day and started hacking away … We were told the company was restructuring,” said one source, who declined to be named.
I wonder if the plunging cost of carbon has any influence on Mary Nichols, CARB, who declared that California would not implement a cap and trade program on it’s own. Details here. California needs trading partners, but it does not appear to be much profit in trading carbon these days. Apparently investors are smarter than the CARB aparatchnicks when is come to trading thin air.
At one time it was thought that trading carbon was going to be $10 trillion dollar market. And, who was going to benefit from that $10 trillion dollar market. Detail in this Glenn Beck video.
H/T to WUWT for alerting me to this CCX story.
Exit Question: Did collapse of the carbon market influence CARB to back away from solo Cap and Trade?
