Climate Vault and its Supporters Reduce Climate Damages by More than $250 Million

Feb 15, 2024

CHICAGO, ILLINOIS, UNITED STATES, February 15, 2024 / — Climate Vault, an award-winning nonprofit, announced today that it has reduced the damages from climate change by more than $250 million in collaboration with its supporters. Climate Vault’s mission is to significantly reduce carbon dioxide emissions that are causing climate change, while supporting innovation in carbon dioxide removal (CDR) technologies designed to eliminate historical emissions.

“Climate Vault is providing organizations and individuals a way to credibly fight climate change,” said Michael Greenstone, Co-Founder of Climate Vault and the Milton Friedman Distinguished Service Professor of Economics at the University of Chicago. “In this period of reckoning over traditional voluntary carbon offsets failing to deliver the promised carbon reductions, more and more organizations are turning to Climate Vault precisely because we provide a trusted way for them to reduce their carbon footprint. The urgency of the climate challenge means that good intentions are not enough, and that is what motivates Climate Vault every day to go out and lock away more tons of carbon dioxide.”

Since the organization’s public launch in May 2021, it has acquired and “vaulted” carbon dioxide emissions allowances from government-regulated compliance markets. The result is that polluters in those markets, like utilities and power plants, are prevented from using them to emit. Climate Vault’s current inventory of locked away allowances exceeds 1.1 million metric tons of carbon dioxide.

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