CHICAGO, May 3, 2022 /PRNewswire/ -- Climate Vault, an award-winning non-profit founded at the University of Chicago, was today named a finalist in the Climate category of Fast Company's 2022 World Changing Ideas Awards honoring products, concepts, companies, policies, and designs that innovate for the good of society and the planet. Fast Company is recognizing Climate Vault's innovative, market-based climate solution that negates carbon footprints while supporting technologies for removing carbon dioxide from the atmosphere.
"We're proud to join such a prestigious list of Fast Company honorees," said Michael Greenstone, Co-Founder of Climate Vault and Milton Friedman Distinguished Service Professor of Economics at the University of Chicago, and former Chief Economist for President Obama's Council of Economic Advisers. "Climate Vault has pioneered a transparent, verifiable, and inexpensive market-based carbon offset solution that in one year has already reduced allowable CO2 emissions by over 730,000 tons in compliance markets. And we're preparing to use the financial value of those offsets to accelerate carbon dioxide removal technologies."
Climate Vault is a 501(c)(3) that works with organizations to reduce carbon emissions through a two-step, market-based 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, vetted by its world-class Technology Experts Chamber, to remove carbon from the atmosphere. Climate Vault's innovative climate solutions are trusted by leading organizations including Morningstar, TPG, Gemini and Vanderbilt among others. More information on Climate Vault's innovative approach can be found here.
"We are consistently inspired by the novelty and creativity that people are applying to solve some of our society's most pressing problems, from shelter to the climate crisis. Fast Company relishes its role in amplifying important, innovative work to address big challenges," says David Lidsky, interim editor-in-chief of Fast Company. "Our journalists have identified some of the most ingenious initiatives to launch since the start of 2021, which we hope will both have a meaningful impact and lead others to join in being part of the solution.
Now in its sixth year, the World Changing Ideas Awards showcases winners across a wide variety of categories, highlighting businesses, policies, projects, and concepts that are actively engaged in and deeply committed to pursuing innovation when it comes to solving health and climate crises, social injustice, or economic inequality. A panel of eminent Fast Company editors and reporters selected the winners and finalists from a pool of more than 4,000 entries across transportation, education, food, politics, technology, and more. The award winners will be featured in the Summer 2022 issue of Fast Company magazine.
About Climate Vault
Founded at the University of Chicago, Climate Vault is a CDP-accredited 501(c)(3) that helps organizations and individuals neutralize their footprint by using government-regulated compliance markets to purchase and "vault" CO2 permits while supporting carbon removal technologies to remove pollution already in the atmosphere. Thanks to its supporters, Climate Vault has vaulted more than 730,000 metric tons of CO2 to-date. 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.
SOURCE Climate Vault