Intercontinental Exchange announced on Wednesday that it has launched an index for the purpose of tracking the global price of carbon emissions.

One way many governments encourage countries to meet pledges made under the 2015 Paris climate agreement is through charging polluters for each ton of the greenhouse gas they emit.

“This is a first step in producing an accurate, transparent global price for carbon, and one that utilizes a market-based mechanism for the evaluation of that price, as we move toward the longer-term shift to a net-zero carbon economy,” said Lynn Martin, President of ICE Data Services.

By Reuters