CHICAGO– Amid mounting evidence that climate change threatens current and future generations, Climate Vault, a non-profit founded at the University of Chicago by a team led by economist Prof. 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. Climate Vault’s mission is to significantly reduce CO2, one of the leading causes of climate change, while supporting the innovation in carbon removal technologies designed to eliminate historical CO2.
Climate Vault is an antidote to the frequent credibility problems and opacity of voluntary offset programs. The 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.
“Our response to the climate challenge will define our generation. Climate Vault provides a unique way for supporters, both individuals and organizations, to achieve verifiable and measurable carbon reduction whether it be through reducing their own footprint or truly making their investment portfolios ESG forward. And in so doing, supporters can jumpstart the innovation that our children and the planet need,” said Michael Greenstone, Co-founder of Climate Vault and Milton Friedman Distinguished Service Professor in Economics at the University of Chicago. “It is very much part of the University of Chicago’s long tradition of identifying ways that can be used to solve critical social problems.” Greenstone previously served as the Chief Economist for President Obama’s Council of Economic Advisers, where he co-led the original development of the United States Government’s social cost of carbon.
“UChicago recently increased its greenhouse gas reduction goals for the current decade, focused on areas where we can demonstrate a positive financial return on investment, while simultaneously reducing our campus emissions. Climate Vault will help us create a low cost off-campus benchmark to evaluate initiatives that may further reduce our greenhouse gas emissions and is an important piece of our overall emission reduction efforts,” said Ivan Samstein, Vice President and Chief Financial Officer at the University of Chicago. “We are proud to partner with Climate Vault as a means within our broader portfolio to continue our efforts to dramatically reduce our carbon footprint.”
