joining me is richard sandor, ceo of the chicago climate exchange, the world's first greenhouse gas emissions reduction registry and trading system. richard, great to have you on the program. >> great to be here. >> what an interesting idea. how do you make air a commodity? >> well, i was asked that 30 years ago when i developed bond futures and they said how do you make money a commodity? it is much the same thing. you regulate and give out the right to emit. if you don't use all of your rights, you can sell them to somebody else. if you don't have enough rights, you buy them from somebody else. >> so you founded the chicago climate exchange in the late '90s after the u.n. kyoto protocol set binding targets for the nation to lower emissions, and the united nations did not sign that agreement interestingly. how does your exchange work now? but what companies for example now are going to be trading on it? >> well, the exchange includes companying like ibm, ford, dupont, intel. it is 112 members and if you added their emissions together, they would be bigger than germany. so actually, the unite