Richard Sandor Named as the Recipient of Dales Memorial Leadership in Environmental Markets Award

March 29, 2010 - PRLog -- The Environmental Markets Association will honor Richard Sandor of the Chicago Climate Exchange with its 2010 John H. Dales Memorial Leadership in Environmental Markets Award during the EMA's Environmental Markets Summit held at the Sheraton New Orleans Hotel from April 25-27, 2010 in New Orleans, Louisiana.  Dr. Sandor is being recognized for his long and extraordinary career in promoting environmental markets. Sandor, the "father of financial futures,” is Chairman and founder of the Chicago Climate Exchange (CCX), Chairman of the Chicago Climate Futures Exchange (CCFE), and Executive Chairman of Climate Exchange plc (CLE.L). Dr. Sandor will be presented with the award during the opening session on Monday, April 26, 2010.

Past recipients of the Dales Award include Lord John Browne, Chairman of BP, Jeffrey Immelt, Chief Executive Officer of GE, Brian McLean, US EPA and Jeff Bingaman (D-NM). The award is presented to an organization and/or an individual who has made significant progress towards adapting to environmental challenges and/or influencing other companies or groups to address environmental challenges.

The recipient of the award must embody a forward-thinking approach with market-based solutions applicable to their industry. The recipient must have demonstrated extraordinary progress in integrating the costs of pollutants traded on environmental markets into both the operational and planning aspects of their organization (or influenced other organizations to do so); and the recipient must be an advocate for the importance of environmental markets as an innovative tool in government regulation.

The award is offered in memory of John H. Dales, Professor Emeritus of Economics from the University of Toronto, who first developed the concept of tradable emission permits in his landmark 1968 work "Pollution, Property and Prices."  Dr. Dales died late last year.

About Dr. Richard L. Sandor
Richard L. Sandor is Chairman and founder of the Chicago Climate Exchange (CCX), the world’s first and North America’s only voluntary, legally binding greenhouse gas cap-and-trade system. Sandor is also Chairman of the Chicago Climate Futures Exchange (CCFE), the world’s leading futures exchange for environmental products, and is Executive Chairman of Climate Exchange plc (CLE.L), an AIM-listed company which owns CCX and CCFE as well as the European Climate Exchange, Europe’s leading exchange operating in the European Union Emissions Trading Scheme. Additional global affiliates include the Tianjin Climate Exchange in China, the Montreal Climate Exchange in Canada and Envex in Australia. Sandor is a research professor at the Kellogg Graduate School of Management at Northwestern University where he teaches a course on environmental finance. He is a Member of the International Advisory Council of Guanghua School of Management at Peking University and a member of the TERI School of Management Advisory Committee in India. Sandor previously taught at the University of California Berkeley, Stanford University, and Columbia University Graduate School of Business. While on sabbatical from Berkeley in the early 1970s he served as vice president and chief economist of the Chicago Board of Trade (CBOT). It was at that time that he earned the reputation as the principal architect of the interest-rate futures market. Sandor was honored by the City of Chicago in 1992 for his contribution to the creation of financial futures and his recognition as the "father of financial futures.”  Sandor has served on numerous committees and boards. He assisted the New York Mercantile Exchange on the design of the options contract for crude oil. In 1992 Sandor was an expert advisor to the United Nations Conference on Trade and Development on tradable entitlements for the reduction of greenhouse gas emissions. From 1991 to 1994, Sandor was Chairman of the CBOT Clean Air Committee. That committee developed the first spot and futures markets for sulfur dioxide emission allowances and supervised the annual allowance auctions conducted on behalf of the U.S. Environmental Protection Agency. He also served as Vice Chairman of the CBOT Insurance Committee and was the originator and co-author of the catastrophe and crop insurance futures and options contracts. Prior to the creation of the Chicago Climate Exchange, Sandor was a senior financial markets executive with Kidder Peabody, Banque Indosuez and Drexel Burham Lambert.   Sandor is currently a director of American Electric Power. He is a member of the design committee of the Dow Jones Sustainability Index.  


About John H. Dales
Dr. John H. Dales developed the concept of tradable emission permits with the publication of his landmark work "Pollution, Property, & Prices" in 1968.   The book remains widely-quoted and debated among academics and policy-makers. Sadly, Dr. Dales passed away in 2007.

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The Environmental Markets Association (EMA) is the leading US-based trade association focused on promoting market-based solutions as the most effective strategy to combat environmental issues. EMA represents a diverse membership including large utilities, emissions brokers and traders, exchanges, law firms, project developers, consultants, academics, NGOs and government agencies – the people making environmental markets work.

Established in 1996 and currently located in Washington, DC, EMA has been serving its membership and supporters with up-to-the-minute educational programs including a quarterly Webinar series, simulcasts of Issues Forums, high level sessions and speakers at their hosted conferences, and multiple presentations of the highly acclaimed Introduction to Emissions Trading Workshop and Environmental Risk Management Workshop. More information: www.environmentalmarkets.org