CNPCAM and CCX have signed a memorandum of understanding to create a joint venture company to explore the feasibility and implementation of an emissions trading platform in China. Details of the collaboration will be defined in the coming months.
CNPCAM is an investment arm of and wholly owned by Chinese National Petroleum Corporation (CNPC). CNPCAM plans to invest in innovative energy fields according to the development strategies of CNPC and to promote the transformation of CNPC from a pure supplier of oil and gas to a composite energy company with multiple functions. Further, CNPCAM proposes to set up an overall comprehensive financial service system through its strategic investment in the financial sectors including banking, trust and insurance etc.
CNPCAM was established in 2000 in Beijing, China. By 31 October 2007, its total assets are RMB7,458,000,000.
CCX, launched in 2003, is a global environmental market and North America's only voluntary but legally binding greenhouse gas emissions trading system. Chicago Climate Futures Exchange? (CCFE?), a wholly-owned subsidiary of CCX, is the world's first and largest environmental derivatives exchange handling criteria pollutants, such as sulfur dioxide. In 2005, CCX launched the European Climate Exchange (ECX), now the leading exchange operating in the European Union Emissions Trading Scheme. Since 2006, both CCX and ECX have been owned by Climate Exchange Plc, a publicly traded company listed on the AIM division of the London Stock Exchange.
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