Together with the organization's other founding partners, we enabled Climate Vault to reduce more than 200,000 metric tons of CO2 at its launch, and continue to support its critical mission.
There are a limited number of permits available in cap-and-trade compliance markets, which are regulated markets subject to significant government oversight. When we purchase carbon permits to offset our clients' carbon emissions, we vault them until such time as we can resell them back into the market to fund a proven, permanent removal solution.
Climate Vault has assembled a Technology Experts Chamber, a team of some of the world’s most respected scientists, policy experts and academics dedicated to advancing carbon removal technologies. The Tech Chamber’s role is to identify and assess potential innovations, review grant applications and evaluate the potential positive impact of these carbon removal technologies. Based on the Chamber’s recommendation, Climate Vault will use the aggregated monetary value of its vaulted permits to purchase the removal of CO2 from the atmosphere by enterprises using these game-changing technologies. The Tech Chamber will also verify and ensure that the removal has actually happened.
Working with the Climate Vault Team, DRW’s emissions are calculated and valued using current market pricing of compliance credits. Once the valuation is determined, the firm makes a donation to Climate Vault for that amount.
Climate Vault uses the donation to purchase compliance credits, thus reducing CO2 that would have been emitted by that amount.
Carbon removal companies vetted through the Climate Vault Tech Chamber become eligible to enter into offtake agreements with Climate Vault.
Climate Vault’s process supports Carbon Dioxide Removal enterprises to permanently remove CO2