IntercontinentalExchange Inc. (ICE) revealed Tuesday that it had taken a minority stake in Climate Exchange PLC (CLE.LN), which operates emissions trading platforms in the U.S. and Europe.

The move pushes ICE deeper into an asset class that some experts believe could become among the largest in the derivatives sector as governments adopt trading schemes to reduce greenhouse gas emissions.

ICE already has a partnership with the Chicago-based but London-listed company, which disclosed in a filing that its partner had acquired 2.3 million shares, equating to a 4.8% stake.

Atlanta-based ICE provides the platform for the Chicago Climate Exchange and its European equivalent to trade contracts based on a range of greenhouse gases.

ICE clears trades for the European Climate Exchange via its ICE Clear Europe service, while transactions on the Chicago Climate Exchange are cleared by the Clearing Corp., which ICE acquired in March.

Climate Exchange pays ICE a license fee for the U.S. arrangement; in Europe, ICE receives a 27% share in the European Climate Exchange's revenue by way of payment.

Shares in Climate Exchange rose 16.6% to GBP7.51, while ICE shares were 0.8% higher at $106.90.

ICE's equity stake in Climate Exchange puts it up against rival CME Group Inc. (CME), which plans an expanded role for its Green Exchange venture in the U.S. and Europe. NYSE Euronext (NYX), Nasdaq OMX Group Inc. (NDAQ) and Deutsche Boerse AG (DB1.XE) also have made inroads to carbon trading in Europe through a series of ventures.

The Climate Exchange dominates exchange emissions trade on both sides of the Atlantic, benefitting from early-mover status as cap-and-trade legislation was adopted in Europe, and building activity on its voluntary U.S. platform ahead of a similar scheme expected from the Obama administration.

Climate Exchange has been in expansion mode this week, announcing a new venture in scrap steel futures while brokerage MF Global Ltd. (MF) joined the Chicago Climate Exchange to participate in carbon offset aggregation.

An MF Global spokeswoman said the company's new role in overseeing offset projects, which let polluting companies displace greenhouse gas emissions by investing in projects that reduce pollution, is part of an expansion into U.S. exchange-traded carbon markets.

Previously, MF Global's focus had been on over-the-counter emissions trading in the U.S., she said.

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com