Business News
Boise Inc. Joins Chicago Climate Exchange(R)
Friday 25. July 2008 - Boise Inc. has become a member of the Chicago Climate Exchange (CCX(R)), the world's first and North America's only voluntary, legally binding integrated greenhouse gas emissions reduction, registry and trading system.
As part of its membership in CCX, Boise Inc. has made a voluntarily but legally-binding commitment to achieve an absolute greenhouse gas emission reduction of six percent below its baseline — a four-year average of the years 1998 to 2001 — by the end of 2010.
CCX operates a cap-and-trade system. Members who beat the targets have surplus allowances to sell or bank, and those who have emissions above the targets must purchase CCX Carbon Financial Instrument contracts to achieve compliance. Third-party verification is provided by the Financial Industry Regulatory Authority (FINRA), a leading financial regulator in the United States.
“We welcome Boise Inc. to CCX. As a leader in their field, they bring their experience and know-how to this important issue. CCX and its members look forward to working with them,” said Dr. Richard L. Sandor, CCX’s Chairman and CEO. “Boise’s membership underscores the importance of having a third-party verified, rules-based system such as CCX that can complement and enhance corporate sustainability and greenhouse gas mitigation and management initiatives already underway.”
“We are committed to comprehensive sustainability in our social, environmental, and economic actions,” said Alexander Toeldte, President and CEO, Boise Inc. “Reducing energy use improves our financial performance and supports our stewardship principle of managing our businesses to sustain environmental resources for future generations. Our participation in the Chicago Climate Exchange will allow us to capture greater value from our greenhouse gas reduction efforts. We have already reduced fossil fuel use per ton of production at our paper mills by 28% from 1996 to 2007, and increased our renewable energy use to 64% of total energy consumption during the same period.”