Non-profit to Award First Round of Support up to $7 Million
RFP Developed by Climate Vault’s Tech Chamber, Chaired by former US Secretary of Energy
Opens a Pathway to "Net Negative Emissions"
CHICAGO, December 01, 2021--(BUSINESS WIRE)--Climate Vault, an award-winning non-profit founded at the University of Chicago, today issued an RFP (Request For Proposal) to identify, assess, and award funds to Carbon Dioxide Removal (CDR) technologies that are helping make net negative emissions possible.
As a non-profit, Climate Vault works with donors to reduce carbon emissions through a two-step approach. Climate Vault first purchases and "vaults" carbon pollution permits from government-regulated compliance markets. Because the number of permits is capped, keeping them off the market decreases CO2 emissions and provides a quantifiable, verifiable offset. Then, Climate Vault will use the value of vaulted permits to support breakthrough CDR enterprises to remove carbon from the atmosphere. Initial grantees will be identified through the RFP process.
"While Climate Vault has already reduced allowable emissions by nearly 600,000 tons of CO2 in compliance markets, protecting the planet from climate change will require net negative emissions – and that’s where carbon removal comes in," said Michael Greenstone, Milton Friedman Distinguished Service Professor of Economics at the University of Chicago and Co-Founder of Climate Vault. "Our unique two-step approach provides an immediate solution to the quality and scale challenges of the traditional voluntary carbon market and creates the world's first large-scale ecosystem that links carbon emissions offsets, regulated carbon markets and the removal of CO2 tons using CDR technologies."
The RFP is released with support from Climate Vault’s Tech Chamber, which is led by former U.S. Energy Secretary, Ernest Moniz, and includes scientific experts from MIT, Princeton, the University of Virginia and Scripps. Climate Vault hopes to award its first round of support for CDR technologies as early as Q1 2022 and will review submissions on an ongoing basis.
"Carbon Dioxide Removal technology is one of the critical pathways to a lasting climate solution. It’s important that we support innovators in this space, and I’m looking forward to working with Michael Greenstone, Climate Vault and my colleagues on the Tech Chamber to do just that," said former U.S. Energy Secretary, Ernest Moniz.
Climate Vault’s RFP is open to CDR projects in the following categories:
Terrestrial processes that include ecological, agricultural, biological, plant cultivar and soil carbon ecosystems;
Technological innovations, such as bioenergy with carbon capture and storage (BECCS), direct air capture (DAC), ex situ and in situ Mineralization and soil additions; and
Oceans-based processes, including ocean alkalinity enhancement (OAE), abiotic, electrolytic, biotic, blue carbon and macroalgae systems.
Since its public launch in May 2021, Climate Vault has received more than $6.4 million in donations from individuals and corporate donors including Vanderbilt University, TPG, Gemini, DRW and the American Financial Exchange.
The full RFP, as well as information on the application and eligibility criteria, can be found linked on the Climate Vault website here.
About Climate Vault
Founded at the University of Chicago, Climate Vault is a Delaware-incorporated non-stock, not-for-profit organization with a pending 501(c)(3) tax-exempt application. Climate Vault works with individuals and organizations to reduce carbon emissions by using cap-and-trade compliance markets to purchase and "vault" CO2 permits to provide a quantifiable, verifiable offset. Climate Vault will then use the value of the permits to support cutting-edge carbon removal technologies to remove pollution already in the atmosphere. Visit www.ClimateVault.org to learn more, calculate your individual footprint, and help your organization or financial portfolio reach net zero. Join the climate conversation by following us on Facebook, Twitter, and LinkedIn.
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