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Emission Reduction Commitment
CCX is a cap and trade system whose Members make a legally binding emission reduction commitment. Members are allocated annual emission allowances in accordance with their emissions Baseline and the CCX Emission Reduction Schedule. Members who reduce beyond their targets have surplus allowances to sell or bank; those who do not meet the targets comply by purchasing CCX Carbon Financial Instrument® (CFI®) contracts.
In Phase I, Members committed to reduce emissions a minimum of 1% per year, for a total reduction of 4% below Baseline. In Phase II, CCX Members commit to a reduction schedule that requires year 2010 emission reductions of 6% below Baseline at minimum.
| Year | Members of Phase I and Phase II | Members of Phase II Only |
| 2003 | 1% below Baseline | -- |
| 2004 | 2% below Baseline | -- |
| 2005 | 3% below Baseline | -- |
| 2006 | 4% below Baseline | -- |
| 2007 | 4.25% below Baseline | 1.5% below Baseline |
| 2008 | 4.5% below Baseline | 3% below Baseline |
| 2009 | 5% below Baseline | 4.5% below Baseline |
| 2010 | 6% below Baseline | 6% below Baseline |
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