Founded at UChicago, nonprofit Climate Vault proposes new solution for carbon reduction
“Amid mounting evidence that climate change threatens current and future generations, Climate Vault, a nonprofit founded at the University of Chicago by a team led by economist Michael Greenstone, today unveiled a new solution for carbon reduction using government-regulated markets.
Climate Vault’s innovative solution will shorten the timeline for individuals and organizations seeking to reduce their emissions. Its mission is to significantly reduce carbon dioxide, one of the leading causes of climate change, while supporting the innovation in carbon removal technologies designed to eliminate historical CO2.
Climate Vault’s approach leverages the power of government-regulated compliance markets by purchasing and “vaulting” carbon permits, preventing polluters from using them. In addition, Climate Vault will help create the world’s first ecosystem for carbon dioxide removal (CDR) technologies by providing grants that spur innovation in those technologies to help make them viable and cost effective—encouraging a renewed commitment to environmental, social and governance (ESG) investing.”