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Stora Enso is both a large user of energy and a large producer of electricity and heat generated from bio-fuels. These aspects of the Group's operations make it vital to follow and understand emerging market mechanisms related to climate change. Stora Enso has therefore resolved to participate actively in such initiatives.
Stora Enso's North American operations are to participate in the Chicago Climate Exchange (CCX), which aims to create an active marketplace to reduce the cost of carbon dioxide emission reductions. This participation will provide the company with valuable knowledge and experience regarding the design and operation of a market-based greenhouse gas emissions banking and trading programme.
What is the Chicago Climate Exchange?
The CCX is a self-regulatory exchange that will administer a voluntary, pilot greenhouse gas emission reduction and trading programme in North America and Brazil. An unprecedented private-sector designed process has produced an agreement, known as the Chicago Accord, which lays out the rules of this emissions trading programme. The CCX is unique among emerging greenhouse gas cap and trade programmes in that it is comprehensive, and involves multiple industries, emission sources and carbon sinks.
The core of the CCX is a voluntary commitment taken by members to reduce greenhouse gas emissions during the years 2003–2006 to a level below a historical baseline. This commitment covers multiple gases and multiple industrial sectors, and is international in scope. It also allows the use of offsets such as soil and biomass sequestration, landfill methane combustion and emission reductions in developing countries.
Stora Enso North America has calculated the division's CO2 emissions through 2006, and confidently expects to be in compliance, especially when future energy efficiency improvements are factored in.
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