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Dr. Walsh will review progress of the Chicago Climate Exchange® (CCX), a voluntary,
legally binding pilot greenhouse gas reduction and trading system for emission sources and offset projects in North
America and beyond. CCX has nearly four hundred members, including major corporations such as American Electric
Power, Manitoba Hydro, Safeway, Intel, IBM, Rolls Royce, Ford, DuPont, Temple-Inland, Amtrak and International
Paper. CCX members also include trading firms and public sector participants, such as the City of Oakland,
Sacramento County, UC San Diego and other leading universities, as well as individual projects that provide GHG
mitigation in the methane, agriculture, renewables and forestry sectors.
CCX has also activated a CFTC-regulated futures exchange that has become the pricing and hedging focal point for
markets involving USEPA SO2 and NOX allowances. CCX established in
2005 the European Climate Exchange, which is the predominant exchange for the European Union Emissions Trading
Scheme for carbon dioxide. New CCX environmental markets are now in development in around the world.
Live trading of verified greenhouse gas reductions on CCX's electronic trading platform began in 2003 and has included
credits based on industrial emission reductions under the cap as well as independently verified projects. By participating
in an international rules-based market, CCX Members have built a comprehensive set of environmental and trading
protocols, have advanced emissions management and trading skills, and have positioned their organizations to succeed
in a carbon-constrained world. By making and meeting emission reduction commitments, CCX Members' focus on energy
and process improvements has generated efficiencies that yield both environmental progress and bottom-line benefits
to shareholders and taxpayers.
(As submitted by CCX) |
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Michael J. Walsh, Ph.D., is an Executive Vice President of Chicago Climate Exchange,
Inc., a self-regulatory exchange that administers a voluntary, legally binding greenhouse gas reduction and trading
program for North America. CCX's affiliated companies European Climate Exchange and Chicago Climate Futures Exchange
host markets for futures products based on European Union carbon dioxide emission allowances and U.S. sulfur dioxide
emission allowances. Dr. Walsh also serves on the Board of Directors of the Montreal Climate Exchange.
In his prior position with Environmental Financial Products (the predecessor company to CCX), Dr. Walsh arranged
several international carbon credit transactions and served as liaison and lead writer for a series of five technical
papers on international emissions trading prepared for the Government of Canada. As a consultant to the U.S. Agency
for International Development, Dr. Walsh provided instructional seminars on emissions trading for industry and
government officials from several eastern European countries. He has been a speaker at United Nations climate conferences
at Geneva, Kyoto, Buenos Aires, Bonn and The Hague, and has been a keynote speaker at industry conferences and
educational workshops around the world, including events in Budapest, Moscow, Rio de Janeiro and Sydney.
Dr. Walsh also previously served as a Senior Economist with the Chicago Board of Trade where he directed the Chicago
Board of Trade's efforts to develop exchange-based environmental markets. Walsh designed and managed annual auctions
of sulfur dioxide emission allowances conducted as part of the U.S. Environmental Protection Agency acid rain reduction
program. Dr. Walsh has delivered Congressional testimony and provided dozens of presentations to state public utility
commissions, national regulatory conferences and industry seminars. As the lead CBOT energy market analyst, he
covered electricity market deregulation and evaluated the feasibility of electricity futures contracts. Dr. Walsh
also directed, in conjunction with a team of industry and public sector leaders, establishment of the CBOT Recyclable
Materials Exchange, an electronic marketplace backed by product standards, grading procedures and dispute resolution
services. Walsh represented the CBOT in matters involving several U.S. government agencies including the Commodity
Futures Trading Commission, the Internal Revenue Service and the Environmental Protection Agency.
Prior to his position with the Chicago Board of Trade, Dr. Walsh was a Financial Economist in the Office of Tax
Policy in the U.S. Department of the Treasury. In that position he conducted industry studies of economic depreciation
rates and co-authored a comprehensive review of the history of tax depreciation policy. Walsh has also served as
a consultant to the Michigan Treasury Department and the West Virginia Tax Study Commission. Dr. Walsh served as
a gubernatorial appointee to the Florida Air Emissions Trading Commission, and served on the Executive Board of
the Southern Research Institute's Environmental Technology Verification initiative. He has written extensively
on the economics of energy efficiency and the implementation of efficiency programs, and has published articles
in the National Tax Journal, Energy Economics, The Journal of Futures Markets, Derivatives Quarterly, Analyse'
Financier, and Environmental Quality Management. He has been an occasional referee for several scholarly journals
including the Journal of Public Economics.
Dr. Walsh has been on the faculties of the University of Notre Dame and the Illinois Institute of Technology, and
has lectured at Princeton, Northwestern, Colorado, Illinois and Johns Hopkins (Bologna). Dr. Walsh holds Bachelor
of Science degrees in Economics and Political Science from Illinois State University, and M.S. and Ph.D. degrees
in Economics from Michigan State University.
Paula DiPerna, is Executive Vice President for Corporate Recruitment and
Public Policy of the Chicago Climate Exchange (CCX). She is a noted public policy analyst and widely published
author.
Ms. DiPerna served formerly as President of the Joyce Foundation in Chicago, a major public policy philanthropy
based in Chicago, Illinois, known for its innovative grant making. She also served as Vice-President for International
Affairs of the Cousteau Society, whose President was pioneer and ocean explorer, Jacques-Yves Cousteau. In that
capacity she was responsible for all aspects of national and international environmental policy, and interacted
extensively with the U.S. Congress, Heads of State, and the United Nations. While at the Cousteau Society, from
1979 to 1997, Ms. DiPerna was also a writer and co producer of many documentary films and traveled extensively
globally, including one year in the Amazon regions of Brazil, Colombia and Peru.
Ms. DiPerna also has served as a consultant on environmental matters to the World Bank, the Global Environment
Facility and LEAD-International, among other organizations. Ms. DiPerna also founded the Jobs and Environment Initiative,
which quantifies jobs creation benefits of environmental activities national and in various U.S. states.
Ms. DiPerna has written numerous newspaper and magazine articles on a variety of subjects, a novel and several
non-fiction books. "Cluster Mystery: Epidemic and the Children of Woburn, Mass.," published in 1985,
has become a touchstone of environmental epidemiology.
Ms. DiPerna was named an Eisenhower Fellow in 1998, an international program for emerging leaders, and spent time
in Hungary, Slovakia and the Czech Republic studying emerging environmental policy in Central Europe. She is a
member of the Council on Foreign Relations and is based in the New York City office of CCX. Ms. DiPerna holds a
Masters of Arts degree from New York University in New York City. |
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For more information on this
Seminar please contact:
Stephen Shelby at (916) 327-8228 or send email to: sshelby@arb.ca.gov
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For a complete listing of
the ARB Chairman's Series and the related documentation for each one of the series please check this page
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