Wall Street has awoken the financial possibilities of buying and selling carbon credits. The New York Mercantile Exchange has create the Green Exchange for trading credits for organizations that reduce their carbon footprint.

Partners in the exchange include a who's who of money-makers: Evolution Markets Inc., Morgan Stanley Capital Group Inc., Credit Suisse, JPMorgan, Merrill Lynch, Tudor Investment Corp., ICAP and Constellation Energy.

The exchange will facilitate trades of instruments "such as carbon allowances (EUAs) under the European Union Emissions Trading Scheme, carbon credits (CERs) under the U.N. Clean Development Mechanism, and verified greenhouse gas emission reductions (VERs/VCUs) used in accordance with voluntary carbon standards."

This is good news all around as it will bring much needed accountability to the carbon credit sectors as the bean counters and the SEC will require new regulations. Sure, it is the rich companies getting richer, but if we are to address climate change, it will be greed more than altruism that makes it happen.