The diversified energy company said this morning it had made the commitment by joining the Chicago Climate Exchange, the world’s first voluntary and legally binding greenhouse gas emissions reduction, registry and trading program.

CCX chairman and chief executive Dr Richard Sandor said AGL was the first utility outside North America to join the exchange.

“This is a historic even, which concretely links Australia and the US and highlights the importance of global connections in carbon markets,” Sandor said.

AGL managing director Paul Anthony said by joining the CCX, AGL was able to take advantage of its portfolio of “highly efficient” generation and trade allowances with other companies around the globe seeking to reduce their own footprint.

“Further by joining the CCX, AGL is able to access the global buyers for its many carbon offset projects,” he said.

Anthony said AGL’s “rapidly growing” renewable generation base would soon make it the largest owner and developer of renewable generation in Australia.

“It is inevitable that those who invest now in physical assets of this type will reap the rewards in a carbon-constrained environment,” he said.

Other CCX member companies include Sony, Ford, Motorola, IBM, Bayer Corporation and American Electric Power.