On June 26, 2009, the U.S. House of Representatives passed H.R. 2454, the historic American Clean Energy and Security Act of 2009 (ACES). Should the Senate pass a bill and the President sign it into law, the resulting U.S. federal cap-and-trade market would create an estimated six billion CO2 emission allowances annually1. This will follow numerous CO2 emission cap-and-trade markets launched in the past six years including the European Union Emissions Trading Scheme in 2005, the Regional Greenhouse Gas Initiative (RGGI) in 2009 and the Chicago Climate Exchange® in 2003.
As the EU, the U.S…






