Climate Insider Brief:
- Seattle-based startup Climate Vault Solutions, focused on reducing carbon emissions, has raised $2.5 million in new investments, bringing the total funding for its parent nonprofit, Climate Vault, Inc., to $11.9 million.
- Unlike traditional carbon offset methods like tree planting or solar installations, Climate Vault buys and “vaults” cap-and-trade carbon pollution permits, preventing their use by polluters.
- Climate Vault Solutions operates as the sales and marketing arm of Climate Vault, Inc., a Chicago-based nonprofit founded in 2021.
PRESS RELEASE – May 30, 2024 – Seattle-based Climate Vault Solutions, a startup working to reduce carbon emissions, has raised $2.5 million in new investments.
The business launched last year and takes a somewhat unusual approach to helping companies, organizations and individuals reduce their carbon emissions. Instead of paying for tree plantings or solar installations, Climate Vault buys cap-and-trade carbon pollution permits and “vaults” them so they can’t be used by polluters.
Climate Vault Solutions is the sales and marketing arm of Climate Vault, Inc., which is a nonprofit initiative based in Chicago and founded in 2021.
Climate Vault is additionally taking the value of the emissions permits and paying companies deploying carbon removal technology to physically pull carbon from the atmosphere.
The non-profit was launched “to fix a broken supply chain in the voluntary carbon offset market and to spur innovation in carbon dioxide removal,” said co-founder Michael Greenstone, a distinguished University of Chicago professor in economics and energy policy.
Total funding to date for Climate Vault is $11.9 million, according to spokesperson Brandy Gaskins.
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SOURCE: GeekWire
Featured Image: Credit: Carbon Vault Solutions
