Innovative partnership boosts the ability for companies to combat climate change at scale
NEW YORK, Aug. 22, 2022 /PRNewswire/ -- Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, and Climate Vault, an award-winning non-profit founded at the University of Chicago today announced they are combining Genpact's technology and digital transformation expertise with Climate Vault's quantifiable, integrated approach to carbon reduction and removal. This partnership will address an urgent need for climate action and empower more organizations to accelerate their journeys to carbon neutrality.
Despite unprecedented demand among business leaders, consumers, and investors for carbon-neutral products and services, the market lacks a matching supply of credible, effective solutions to achieve those objectives. Climate Vault is the world's first, verifiable, and integrated solution that enables organizations to not only reduce carbon effectively, but also remove carbon from the atmosphere – all in a fast, easy, and credible way. Founded by business leaders and Milton Friedman distinguished service professor of economics at the University of Chicago and former White House economic advisor, Michael Greenstone, Climate Vault's market-based solution is uniquely designed for climate-conscious organizations.
In this innovative collaboration, Climate Vault will embed Genpact's digital technologies and process expertise to boost its carbon reduction and removal solution. Through the Genpact-Climate Vault partnership, companies will gain wider access to carbon reduction from regulated carbon compliance markets with accurate, dynamic, real-time pricing, enabling greater access at scale to industry-leading and independently verified carbon removal programs. By leveraging Climate Vault's carbon reduction solution, organizations will automatically gain access to the limited supply of carbon removal technologies, providing an immediate and transformative impact.
"Climate change is an existential global crisis, and at its core, it is a data and transformation challenge. Leveraging digital technologies and data to build a frictionless platform for carbon reduction and removal is key to advancing the sustainability agenda at scale," said Sanjay Srivastava, chief digital strategist, Genpact. "Our partnership reflects Genpact's commitment to social impact and climate action. With our experience and expertise in digital transformation, we bring the talent and technology Climate Vault needs to offer more organizations a smoother path toward carbon neutrality."
Climate Vault is a high-growth 501(c) (3) start-up. It is a breakthrough solution that has driven significant impact since its inception in 2021 and is poised for scaling. In just over a year, the company has reduced 0.75 million metric tons of carbon emissions, the equivalent of preventing 72,000 cars from driving around the planet.
"Organizations face mounting pressure from customers, employees, investors, and regulators to take credible climate action," said Michael Greenstone, co-founder of Climate Vault, Milton Friedman distinguished service professor of economics at the University of Chicago, and former White House senior economic advisor. "This is the perfect moment to partner with Genpact with its world-class digital transformation capabilities. Together we will dramatically expand the reach, speed, and impact of our unique carbon reduction and removal solution, helping to slow and even reverse climate change."
Genpact continues to further its purpose, the relentless pursuit of a world that works better for people, by leveraging its expertise towards addressing societal issues. From helping tackle food insecurity to partnering with Formula E team Envision Racing to win races and remain carbon neutral, the company provides the digital and process expertise needed to address the world's most pressing issues.
For more information on this partnership visit this page.
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. Led by our purpose -- the relentless pursuit of a world that works better for people -- we drive digital-led innovation and digitally enabled intelligent operations for our clients. Guided by our experience reinventing and running thousands of processes for hundreds of clients, many of them Global Fortune 500 companies, we drive real-world transformation at scale. We think with design, dream in digital, and solve problems with data and analytics. Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 100,000+ of us. From New York to New Delhi, and more than 30 countries in between, we connect every dot, reimagine every process, and reinvent the ways companies work. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we'll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.
About Climate Vault
Climate Vault is a CDP-accredited 501(c)(3) climate solutions start-up founded at the University of Chicago by former senior White House economic advisor Michael Greenstone and prominent business leaders. Climate Vault delivers the world's first verifiable, integrated carbon reduction and removal solution, providing a fast, easy and credible way for organizations and individuals to achieve carbon neutrality. Our market-based solution is focused on immediately reducing carbon footprints by purchasing allowances from highly-regulated compliance carbon markets and ultimately converting those allowances into funding for cutting-edge carbon dioxide removal (CDR) tech that will remove carbon emissions from the atmosphere, forever. Climate Vault's CDR initiative is backed by a "Technology Chamber" composed of leading climate science experts, including former U.S. Secretary of Energy, Ernie Moniz. Since our launch in 2021, we've been named to Fast Company's list of "World Changing Ideas," and reduced ¾ million tons of CO2 for our partners, the equivalent of preventing 72,000 passenger cars from driving around the Earth. Leading brands such as T. Rowe Price, Vanderbilt University, TPG, Morningstar, Gemini and Danfoss trust Climate Vault to build tailored carbon programs that deliver quantifiable results and enduring impact. Visit www.climatevault.org to learn more, calculate your individual footprint, and help your organization or financial portfolio reach carbon neutrality.
Genpact Media Relations
Sara Blair Gillette
Climate Vault/ FGS Global