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					Sustainable Innovation 06
Global Challenges and Solutions
11th International Conference
23rd - 24th October 2006
Stuart Graduate School of Business,
Illinois Institute of Technology,
Chicago, USA

      Michael J. Walsh, Senior Vice President, Chicago Climate Exchange, Inc, USA

Michael J. Walsh is a Senior Vice President of Chicago Climate Exchange (CCX), a self-regulatory exchange
that administers a voluntary greenhouse reduction and trading program for North America. CCX subsidiary
Chicago Climate Futures Exchange offers cleared and standardized environmental futures products, including
futures contracts based on Sulfur Dioxide emission allowances. European Climate Exchange is a wholly-owned
CCX subsidiary that manages marketing for ECX products for the European Union carbon dioxide Emissions
Trading Scheme that are traded on the International Petroleum Exchange.

In his prior position with Environmental Financial Products (the predecessor company to CCX), Mr. Walsh
arranged several international carbon credit transactions and served as liaison and lead writer for a series of
five technical papers on international emissions trading prepared for the Government of Canada. As a
consultant to the U.S. Agency for International Development, Mr. Walsh provided instructional seminars on
emissions trading for industry and government officials from several eastern European countries. He has been a
speaker at United Nations climate conferences at Geneva, Kyoto, Buenos Aires, Bonn and The Hague, and has
been a keynote speaker at industry conferences and educational workshops around the world, including events
in Budapest, Moscow, Rio de Janeiro and Sydney.

Mr. Walsh also previously served as a Senior Economist with the Chicago Board of Trade where he directed the
Chicago Board of Trade’s efforts to develop exchange-based environmental markets. Walsh designed and
managed annual auctions of sulfur dioxide emission allowances conducted as part of the U.S. Environmental
Protection Agency acid rain reduction program. Mr. Walsh has delivered Congressional testimony and provided
dozens of presentations to state public utility commissions, national regulatory conferences and industry
seminars. As the lead CBOT energy market analyst, he covered electricity market deregulation and evaluated
the feasibility of electricity futures contracts. Mr. Walsh also directed, in conjunction with a team of industry and
public sector leaders, establishment of the CBOT Recyclable Materials Exchange, an electronic marketplace
backed by product standards, grading procedures and dispute resolution services. Walsh represented the
CBOT in matters involving several U.S. government agencies including the Commodity Futures Trading
Commission, the Internal Revenue Service and the Environmental Protection Agency.

Prior to his position with the Chicago Board of Trade, Mr. Walsh was a Financial Economist in the Office of Tax
Policy in the U.S. Department of the Treasury. In that position he conducted industry studies of economic
depreciation rates and co-authored a comprehensive review of the history of tax depreciation policy. Walsh has
also served as a consultant to the Michigan Treasury Department and the West Virginia Tax Study Commission.
Sustainable Innovation 06
Global Challenges and Solutions
11th International Conference
23rd - 24th October 2006
Stuart Graduate School of Business,
Illinois Institute of Technology,
Chicago, USA

Mr. Walsh served as a gubernatorial appointee to the Florida Air Emissions Trading Commission, and served on
the Executive Board of the Southern Research Institute’s Environmental Technology Verification initiative. He
has written extensively on the economics of energy efficiency and the implementation of efficiency programs,
and has published articles in the National Tax Journal, Energy Economics, The Journal of Futures Markets,
Derivatives Quarterly, Analyse’ Financier, and Environmental Quality Management. He has been an occasional
referee for several scholarly journals including the Journal of Public Economics.

Mr. Walsh has been on the faculties of the University of Notre Dame and the Illinois Institute of Technology, and
has lectured at Princeton, Northwestern, Colorado, Illinois and Johns Hopkins (Bologna).

Walsh holds Bachelor of Science degrees in Economics and Political Science from Illinois State University, Dr.
and M.S. and Ph.D. degrees in Economics from Michigan State University, and has attended the University of
Chicago Graduate School of Business.

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