ProLogis says it has joined the Chicago Climate Exchange (CCX), the world's first and North America's only voluntary, legally binding greenhouse gas emissions reduction, registry and trading program.
Membership in the exchange requires ProLogis to completely offset the "carbon footprint" associated with its business operations in the U.S. In addition, the company can also earn tradable credits when it builds warehouses that reduce energy consumption through new technology and high-quality design.
"ProLogis is to be commended for becoming the first real estate company in the world to join CCX," says Richard Sandor, chairman and CEO of the Chicago Climate Exchange. "Like our other member companies, ProLogis is a leader in its sector, and also a leader in the global effort to address the challenge of climate change. We look forward to working with ProLogis to promote better environmental performance at warehouse facilities throughout the U.S."
The Chicago Climate Exchange was founded in 2003 as a voluntary but legally binding system for the registry, reduction and trading of carbon dioxide and five other greenhouse gases. Direct emitters who join the exchange must pledge to lower emissions over time according to pre-set reduction schedules, and can do so either through direct mitigation or through the purchase of carbon credits. Other members can generate such credits through activities that reduce gas emissions such as no-till farming, reforestation and methane capture at landfills. The price of carbon credits at any given point is determined by supply and demand and other standard market forces. CCX is a wholly owned subsidiary of Climate Exchange Plc, a public stock company listed on the AIM market of the London Stock Exchange.
