Carbon emissions markets are being consolidated into broader markets that sell futures on other goods such as coffee, cocoa and crude. The IntercontinentalExchange (ICE) said Friday that it will acquire the Climate Exchange in a deal valued at a little more than $600 million.
The Climate Exchange has developed multiple emissions markets including the European Climate Exchange, Chicago Climate Exchange and Chicago Climate Futures Exchange.
ICE CEO Jeffrey Sprecher said the deal is a "logical strategic combination" that brings together energy and emissions markets. Indeed, the Climate Exchange is dominant in selling European Union carbon permits and is also a player in Canada, China and Australia.
The two companies are already partners on technology and clearing services and have various contracts in place for trading platforms and products.
This post was originally published on Smartplanet.com