At the same time, public-sector momentum slowed, creating a widening gap between climate ambition and action. That gap is where Climate Vault operates and where we made measurable progress this year.

Our 2024 Impact Report reflects a year of meaningful progress. From reducing emissions through regulated compliance markets to supporting the most promising carbon dioxide removal (CDR) technologies, we’re helping our partners take credible, measurable climate action today, while building for tomorrow.

We also welcomed two Tech Chamber-approved CDR projects, Carbon Lockdown and Octavia Carbon, expanding our portfolio with innovative approaches backed by scientific rigor.

If you’re looking for climate solutions that match the scale and urgency of the problem, we invite you to explore the report and see what our community has made possible. It’s a reflection of what we can accomplish, together.

Read the 2024 Climate Vault Impact Report

The post Climate Vault’s 2024 Impact Report appeared first on Climate Vault.

How the Carbon Cycle Works

The carbon cycle starts with atmospheric CO₂ being absorbed by plants and other forms of biomass during photosynthesis. This locks the carbon into organic matter where it can sustain life on earth, fuel ecosystems, and provide the oxygen we breathe. However, a significant portion of this carbon finds its way back into the atmosphere through respiration or decomposition, closing this initial loop of the carbon cycle.

Our oceans also play a key role in the carbon cycle by acting as a massive sink that absorbs CO₂ and helps regulate the climate. Through a series of chemical reactions in the ocean, CO₂ influences the ocean’s pH levels and, consequently, marine life and ecosystems.

A System Stressed to its Limit

If you go back in time, the carbon cycle looked a bit different than it does today. Carbon sources were living organisms, volcanic activity, and natural wildfires, while natural sinks like our oceans and land maintained balance. However, human activities since the industrial age have thrown this cycle out of its natural equilibrium.

By extracting and burning fossil fuels for power–ranging from gasoline in vehicles to electricity generation in our buildings–we have released more carbon dioxide than natural sinks can absorb. When combined with a reducing amount of sinks from widespread deforestation for agriculture and urban expansion, we have rapidly increased atmospheric levels of CO₂. 

The result? A stressed carbon cycle.

This directly results in increases in global temperature, more frequent and severe weather events, and their associated economic and human health impacts.

Restoring the Balance through CDR

To tackle climate change, the delicate balance of earth’s natural carbon cycle must be restored. The damage is not irreversible, but it does require human intervention. That means not only reducing emissions from fossil fuel combustion, but also actively removing the existing atmospheric carbon with carbon dioxide removal solutions. 

Carbon dioxide removal (CDR) technologies are innovative and emerging solutions that can rebalance the carbon cycle by pulling CO2 from the atmosphere and durably storing it long-term. CDR technologies can restore the carbon cycle’s inherent ability to process CO₂ effectively, whether by using engineered systems or harnessing earth’s natural systems, like the ocean and geologic carbon sinks.

It’s not enough to prevent CO₂ from reaching the atmosphere, because there is a vast amount of carbon that has accumulated from our historic emissive activities. Reduction alone won’t return the atmosphere to pre-industrial levels. To bring down atmospheric carbon levels, we need to either create new sinks, for example with technologies like Direct Air Capture, or enhance natural sinks, like using ocean alkalinity enhancement to improve the ocean’s ability to absorb carbon. 

The Path Forward

Restoring the balance of the carbon cycle is essential for the health of our planet and the survival of future generations. While the challenge is immense, the solutions are within our reach. By combining aggressive emission reductions with cutting-edge CDR technologies, we can restore harmony to the carbon cycle and mitigate the worst effects of climate change. The path forward requires innovation, collaboration, and a shared commitment to safeguarding our planet’s future. 

Climate Vault is dedicated to creating demand for, and supporting, emerging CDR technologies so that we can help restore the natural balance of the carbon cycle for future generations to come. Learn how Climate Vault accomplishes this through an annual RFP program.

The post Rebalancing Earth’s Carbon Cycle is Key to Reversing Climate Change appeared first on Climate Vault.

• Bolsters the accuracy and credibility of CDR projects
• Facilitates compliance with applicable laws and regulations
• Enhances transparency and accountability of project management and reporting
• Drives improvement and standardization in CDR approaches
• Supports funding and investment in CDR technologies and related research initiatives

The US Government’s Federal Marine CDR Plan

Recently, I had the pleasure of collaborating with Climate Vault’s Tech Chamber of subject matter experts to compose Climate Vault’s feedback to the National Science Foundation’s (NSF) request for information (RFI) to gather feedback on what it calls the “Marine CDR Plan” to advance critical marine CDR (mCDR) research.  

When it comes to combating climate change, the ocean is one of our greatest resources. Novel mCDR technologies have an important role to play in leveraging the ocean’s natural CO2 sequestration capabilities to safely and effectively reduce atmospheric CO2 levels.

A key component of our feedback to the NSF focused on MRV, and there’s a lot to unpack there – so much so that the topic deserved its own blog post. For mCDR projects in particular, it is critical for the government to clearly outline its requirements (or range of acceptable approaches) under the Marine CDR Plan. In this blog, I’ve outlined the four areas where clarity and decisiveness could make or break MRV under the Marine CDR Plan. Let’s dive in! 

1 – A Need for Consensus and Standardization
The mCDR space is still developing and our oceans are vast and extremely complex. These two challenges combined together is why establishing MRV standards and regulations early will be crucial to building confidence in mCDR solutions. While there are some mCDR protocols out there that have been developed by various standards bodies, there is still no industry-wide consensus on how mCDR solutions should be  implemented and managed.  

Adding to the challenge, there isn’t much agreement at the federal level either on:

• What MRV approaches for mCDR are acceptable
• How to demonstrate carbon sequestration, and 
• Where research should be allowed to take place 

Given these challenges, aligning perspectives among the scientific community will be critical to advancing standardization of mCDR approaches.

2 – Demonstrate Carbon Sequestration Potential
The question of carbon sequestration potential is a major one for all mCDR projects. There are three main approaches that have been discussed by the scientific community, but there is no consensus regarding which should be deemed acceptable or required to demonstrate sequestration. This means it will need to be clarified whether mCDR projects and research should: 

1. Demonstrate carbon sequestration potential and environmental impacts collectively (often referred to as “environmental MRV”, or simply, “eMRV”)
2. Demonstrate carbon sequestration potential first, after which environmental impacts can be researched and factored into decision-making; or
3. Deem both approaches acceptable for demonstrating sequestration potential. 

Each method raises the question of whether carbon sequestration should be demonstrated by directly measuring sequestered CO2, measuring ocean oxygen levels, or relying on modeled results for some parameters. Despite extensive discussions, there’s no consensus on the best way to demonstrate sequestration, so this is a major question that will need answering.

3 – Define Suitable Research Locations
Another vital point is determining where mCDR research can even take place. Although some small-scale projects have been conducted in territorial waters, it will need to be decided if mCDR projects will be allowed in the economic exclusion zone (EEZ). And if so, a  framework will need to be created for  identifying optimal test sites. 

If projects are permitted in the EEZ, it’s also important for the government to clarify whether it will indemnify federally-funded project developers and researchers in case of any negative impacts from the tests. This type of protection could help to build confidence and support for the scaling well-considered mCDR projects. Some mCDR techniques might not be testable in the EEZ due to unsuitable conditions, however, so it’s important to note that restricting research locations to the EEZ could eliminate some mCDR approaches from consideration. 

4 – Ensure Community Engagement

Stakeholder engagement is a critical component of any project planning process. For mCDR projects in particular, public acceptance can be a roadblock to advancing further research and testing. Engaging in intentional and continuous dialogue that prioritizes equity, with relevant stakeholders, and implementing feedback accordingly, is important to obtaining what is often referred to as the “social license” to operate. It’s also a critical component to developing MRV standards that prioritize the environmental, social, and economic factors that are most important to the communities in which the projects are taking place. 

Moving Forward: Harnessing the Ocean’s Potential

Establishing clear and comprehensive MRV standards is essential for the development and scaling of credible mCDR projects. Getting this right – and doing so in a timely manner – could make or break the advancement of critical mCDR technologies that are needed to address the worst impacts of climate change. We are excited about the impact that the federal Marine CDR Plan can have in driving this agenda forward. By fostering consensus and standardization, addressing critical issues like carbon sequestration potential and research locations, and ensuring robust community engagement, the United States can be a powerful advocate for effective mCDR solutions that harness the ocean’s potential. 

At Climate Vault, we are committed to advancing these discussions and advocating for policies that support the development and scaling of thoughtful and innovative CDR technologies. There is still much work to be done in the mCDR space and I believe that the Marine CDR Plan is an important and exciting step forward in supporting and scaling these promising mCDR technologies. We’ll keep you updated as we continue to monitor this important federal initiative.

This post was guest-written by Brynn Esterly, Climate Vault’s Head of Carbon Removal Solutions. 

About Brynn Esterly

Brynn Esterly is a climate and sustainability professional with 10+ years of experience within the financial services industry. In her current role as Head of Carbon Removal Solutions at Climate Vault, she is responsible for leading the annual RFP process for innovative CDR solutions. Her expertise spans environmental markets, product management, investor relations and corporate communications. She received a Masters in Sustainability Management from Columbia University. Connect with Brynn on LinkedIn here. 

The post 4 Ways MRV Can Make or Break Marine CDR Projects appeared first on Climate Vault.

Benefits of Hosting a Carbon Neutral Event

A carbon neutral event is one where the total carbon emissions produced are neutralized either by verifiable carbon offsets, or by investing in environmental projects that remove carbon dioxide from the atmosphere. This can include renewable energy projects and waste reduction initiatives. There are multiple benefits to hosting a carbon neutral event and key amongst them include: 

• Environmental Impact: Reduce your ecological footprint and contribute to global sustainability efforts.
• Brand Image: Enhance your brand’s reputation by showing commitment to environmental responsibility.
• Cost Savings: Energy-efficient practices often lead to long-term cost reductions.
• Customer Satisfaction: 80% of consumers consider a company’s commitment to reducing its environmental impact when making purchasing decisions.

How to Plan a Carbon Neutral Event

1. Choose a Venue that Aligns with Your Goals

Select a venue that aligns with your sustainability goals as your first step.

• Location: Look for venues that prioritize sustainability. For example, a venue that only uses energy-efficient lighting, heating, and cooling systems and has a zero waste catering policy.
• Accessibility: Choose locations that are easily accessible by public transportation. A central location reduces the need for long-distance travel, automatically lowering your event’s carbon footprint.
• Energy Use: Coordinate with the venue to ensure that lighting, heating, and cooling are managed efficiently during the event. Look for venues powered by LED lighting, renewable energy or those that offer carbon offset programs for their energy consumption. You could also consider outdoor venues to take advantage of natural lighting and ventilation.

2. Opt for Eco-Friendly Catering

Food production and waste can significantly impact your event’s carbon footprint. Choose catering options that minimize environmental impact.

• Local & Seasonal: Choose caterers who prioritize local and seasonal produce, reducing the carbon footprint associated with food transportation.
• Mindful Menus: Offer plant-based and vegetarian menu options as these typically have a lower carbon footprint compared to meat-based dishes. Be mindful when selecting carnivorous options for your menu. For example, red meat will typically have a significantly higher footprint than fish or chicken.
• Waste Management: Use reusable or biodegradable cutlery, plates, and cups. You can also ensure that all leftover food is either composted or donated to local shelters.

3. Promote Sustainable Transportation

Travel to-and-from often represents the largest carbon footprint of any event. Encourage eco-friendly transportation options for your attendees in order to reduce the event’s related scope-3 travel emissions.

• Ground Transportation: Arrange ground transportation, like buses or shuttles, to reduce the number of individual car trips to your event. If it makes sense, you can also promote the use of public transportation, carpooling, and cycling.
• Offset Travel: For unavoidable travel, offset travel emissions by investing in high-quality and credible carbon offset projects. Encourage participants to do the same.
• Virtual Options: Consider offering a virtual attendance component to reduce the need for travel with a hybrid event. 

4. Implement Waste Reduction Strategies

Aim for a zero-waste event (or close to it) by implementing a robust waste management plan focused on reducing, reusing, and recycling. 

• Go Digital: Cut down on paper waste by going paperless. Use digital alternatives, like a QR code, to distribute information such as invitations, tickets, and promotional materials. If printed materials are necessary, use recycled paper and eco-friendly ink. 
• Signage & Decorations: Invest in reusable signage, decor, and decorations that can be updated and used for future events.
• Recycling Stations: Set up clearly marked recycling stations throughout the venue to encourage proper waste disposal. 

5. Measure & Offset the Event’s Emissions

You can’t manage what you don’t measure. Calculating the total carbon emissions of your event throughout the planning process will give you a clear understanding of the areas where you can make improvements.

• Measure Emissions: Measure the total carbon footprint of your event by considering the various factors like energy use, transportation, catering, and more. 
• Eliminate Manual Calculations: Consider using a software tool, like Climate Vault’s Event Emissions Calculator, to alleviate the burden of manual data collection, measurement, management, and analysis and minimize human-error in your calculations.
• Offset Programs: Once you have your final emissions measurement, invest in verified carbon offset programs to neutralize the emissions. Look for high-quality solutions that align with your organization’s values and will provide the promised environmental impact in a verifiable method. 

6. Engage Attendees

Engaging your attendees with your carbon-neutral goals not only raises awareness but also encourages them to get involved

• Education: Provide information to attendees on how they can contribute to your carbon-neutral event goals via pre-event communications or on-site materials. Also consider hosting a sustainability workshop or a panel discussion as part of the event agenda.
• Incentives: Offer incentives for participants who carpool, bring reusable water bottles, or take other sustainable actions. Use your event to highlight sustainable practices they can adopt in their everyday life.
• Promote Your Efforts: Use social media and other key event communication channels to share your sustainability initiatives.
• Feedback Loop: Collect feedback from attendees and stakeholders regarding your sustainability efforts.

Communicate Your Commitment

Both during and after the event, share your sustainability efforts and achievements with your audience. Transparency is key—let them know how much carbon was offset and the impact of their participation, if applicable. This not only builds trust but also demonstrates the actions your organization is taking to make the world a better place. More than ever, organizational responsibility matters as the public increasingly values carbon neutrality and other climate-conscious actions from the brands they purchase from and engage with. 

Achieving a carbon neutral event requires careful planning and dedication, but the benefits are well worth the effort. By following our checklist, organizations can significantly reduce the environmental impact of their events, enhance their brand image, and attract eco-conscious attendees. Every decision made during the planning process, from choosing a sustainable venue to minimizing waste, can contribute to a healthier, more sustainable world. 

Climate Vault’s Event Emissions Calculator makes it simple to measure, reduce, and remove the carbon impact of your events—no matter the size. Get started calculating the footprint of your first event for free.

The post The 6-Step Carbon Neutral Event Checklist appeared first on Climate Vault.

MRV was a common thread woven throughout the discussions and presentations during the two-day conference. What stood out to me most were the discussions on the purpose of MRV and how we might reconsider its components, the core challenges to implementing standardized MRV approaches, and the variety of research efforts underway to advance knowledge and standardization in the space.

Unpacking MRV: More Than Just Monitoring

MRV is the backbone of any carbon removal project. Simply put, MRV provides a structured framework for ensuring that CDR activities are accurately measured, transparently reported, and independently verified. This in turn enhances the CDR project’s credibility and the validity of carbon removal claims.

For example, if an ocean alkalinity enhancement (OAE) project claims to have removed 100 tons of CO2, how do you confirm that this is true? The answer is by reviewing their MRV framework. A solid MRV framework clearly details the procedures, mechanisms, and calculations used to determine a project’s carbon removal potential – including any models or assumptions involved – and can be reproduced and substantiated by an independent auditor.

This is MRV. Or at least, this is what most of us think about when we think about MRV. But as conversations continued on this topic, it became clear to me that MRV goes beyond just confirming carbon removal capacity. It is also about demonstrating that projects adhere to laws and regulations designed to protect ecosystems, wildlife, and communities. And in order to do this successfully, MRV procedures should be designed with these criteria in mind, so that potential impacts can be measured and documented from the get-go. 

Additionally, collecting these data sets as part of a comprehensive MRV process can help project developers to better assess project results, anticipate future project needs and impacts, and more effectively plan for these changes over the course of a project’s lifetime. In this manner, MRV is also a critical mechanism for effectively scaling CDR solutions. 

On this note, Nicolas Sdez, CEO and Co-Founder of PRONOE, aptly summarized during a presentation that the current “M” in MRV does not effectively capture the full scope of the process. Instead, he suggested expanding the definition to include “Models” and “Measurements” alongside “Monitoring.” In effect: Models, Measurements, Monitoring, Reporting, and Verification. Or perhaps we could collectively agree to refer to it more simply as “M3RV”. This broader approach recognizes the importance of modeling and measuring potential impacts from the outset, ensuring that projects and their MRV frameworks take a more comprehensive approach.

4 Challenges in MRV Development

Despite its importance, MRV development faces significant hurdles. Some are simply due to the ocean’s inherent complexity, while others are the result of our own processes for vetting and advancing scientific research. During a panel discussion featuring Nate Beatty (former VP of Applied Science at Running Tide), Tremaine Bowman (Scientific Project Manager at Seafields) and Morgan Reed Raven (Chief Science Officer at Carboniferous), these leaders discussed key challenges facing MRV development. Of these, four stood out to me as key areas in need of continued, dedicated focus:

1. Tool Limitations: The ocean is a complex and challenging environment for conducting research. The further you venture from shore or deeper underwater, the more difficult it becomes to conduct experiments and take measurements. Enhancing the tools and systems we use in these environments is crucial for developing robust and reliable MRV processes. Tools that more effectively and reliably model ocean system interactions are needed to establish baselines for MRV activities and predict the range of potential outcomes from mCDR projects. In case you missed it, this is a subject that Climate Vault highlighted in its recent response to the National Science Foundation’s RFI to develop a comprehensive “Marine CDR Plan” to advance critical mCDR research. I invite you to dive into our response here.
2. Regional Variability: The ocean is not a uniform environment, and conditions can vary dramatically from one region to another. Factors like wave activity, salinity, and water temperature differ across locations. For example, if you launch a pilot facility off the coast of California, you can’t assume that your variables and findings from this test location will be the same if you conducted the same test off the coast of Florida or Norway. The conditions you observe in one location, and the resulting data, cannot be easily extrapolated to other regions. This variability significantly complicates the scaling of mCDR projects. Given these challenges, a panelist emphasized the need for partnerships between research groups across different regions. By conducting simultaneous studies in diverse locations and making the data accessible, we can accelerate the development of MRV standards that account for these regional differences.
3. Lack of Standardization: The mCDR field is still in its infancy, which means there’s a lack of standardized approaches to MRV. The diversity across technological methods, materials, and models used, as well as the aforementioned regional variability, makes it difficult to develop a one-size-fits-all standard. As more sophisticated research tools are developed, pilot facilities are implemented, and the findings are shared and continue to be built upon, we will continue to move towards more comprehensive MRV procedures. In the meantime, there are some promising collaborations taking place between start-ups and verification bodies to help close this gap. These organizations are working together to create bespoke MRV standards for specific CDR methods. These partnerships are an encouraging first step toward more comprehensive and consistent MRV procedures, and I look forward to seeing how these efforts continue to evolve.
4. Limited Peer Review Resources: Another significant challenge discussed was the bottleneck in peer review and publication. In scientific research, peer review is a crucial step in validating findings, but there is currently a shortage of experts available to review and publish new research in the mCDR field. This bottleneck slows the dissemination of critical data and insights. Expanding funding and exploring alternative approaches to streamline the peer review process, without sacrificing scientific rigor, could help address this issue.

NOAA’s Leadership in mCDR Research

Amid these challenges, there are bright spots. For those of us who are not scientists or do not sit squarely in the academic arena, it can be difficult to conceptualize and keep pace with the important work that is being conducted to address key research needs. This is why one of the summit’s highlights for me was a presentation by Gabby Kitch, Marine Carbon Dioxide Removal Lead for the National Oceanic and Atmospheric Administration’s (NOAA) Ocean Acidification Program, who discussed NOAA’s mCDR research portfolio. 

NOAA’s work spans a variety of methods, from macroalgae and biomass sinking to ocean iron fertilization. Learning about the specific projects and the talented scientists leading them made the current research efforts more tangible for me. It also made me feel even more inspired about our collective ability to address the challenges in developing MRV standards and advance mCDR technologies. If you want to learn more, I encourage you to check out NOAA’s research portfolio and CDR focus areas here. 

What I’m Reading Next

With all this talk of research and MRV development, there’s two publications that I’m looking forward to digging into following the summit: 

• “Strategy for NOAA Carbon Dioxide Removal Research,” a white paper developed by NOAA’s Carbon Dioxide Removal Task Team which provides a draft portfolio of CDR strategic research needs

• “Methodology: Carbon Dioxide Removal Through Algal Biomass Burial,” a collaborative effort by EcoEngineers and Brilliant Planet to establish a globally-applicable methodology for carbon removal through micro-algal blooms

Final Thoughts

On the train ride back to New York City, I found myself thinking about the dedicated group of scientists, entrepreneurs, and advocates I met at the summit. The road ahead in combating climate change is long, but the progress being made in mCDR gives me hope. The event made it clear that MRV is a cornerstone of credibility in the CDR space, and it will be essential for scaling these developing technologies effectively and safely.  The inaugural Advancing Ocean CDR Summit was a significant step forward, and I’m excited to see where this journey leads. A big thank you to Hanson Wade Group for organizing such a thought-provoking event—I look forward to many more to come!

This post was guest-written by Brynn Esterly, Climate Vault’s Head of Carbon Removal Solutions

About Brynn Esterly

Brynn Esterly is a climate and sustainability professional with 10+ years of experience within the financial services industry. In her current role as Head of Carbon Removal Solutions at Climate Vault, she is responsible for leading the annual RFP process for innovative CDR solutions. Her expertise spans environmental markets, product management, investor relations and corporate communications. She received a Masters in Sustainability Management from Columbia University. Connect with Brynn on LinkedIn here. 

The post MRV Takes Center Stage at Inaugural Advancing Ocean CDR Summit appeared first on Climate Vault.

Ensuring the Quality & Integrity of CDR Credits 

The DOE’s program is designed to foster a robust market for carbon removal by incentivizing organizations to commit to purchasing and retiring CDR credits annually, in increasing volumes, starting no later than 2025. Importantly, it also requires these “Credit Buyers” to disclose their CDR purchases and related project data. In doing so, the DOE seeks to enhance market transparency, bolster the quality and integrity of carbon removal credits, and pave a path for greater participation in the CDR market.  

By setting rigorous criteria for CDR projects, the DOE has the opportunity to create a reliable and effective system that can drive major demand for high-quality carbon removals. Based on our experience, these criteria should take into consideration: 

1. Additionality

Additionality is a cornerstone of any credible carbon removal project. Without additionality, there is a risk that the CDR market becomes saturated with low-quality credits that do little to drive real climate action—much like the issues faced by the traditional voluntary carbon markets. This criteria ensures that the carbon removals generated by a project are genuinely “additional”—meaning they wouldn’t have occurred in the absence of the project and the credit purchase made by the buyer. This concept is vital to the integrity of the CDR market.

Additionality is a strict requirement at the core of the selection process for Climate Vault’s own RFP for Innovative CDR Projects and is often an area where applicants fall short. Each proposal is rigorously assessed to ensure that the carbon removals are not only real but also result from activities that would not have occurred without the award’s support.

2. Leakage

Leakage refers to the unintended consequences that a CDR project might have on existing emissions within its sector or industry. For example, a project that sequesters carbon in one region might inadvertently increase emissions in another, such as by shifting existing production activities elsewhere or by displacing existing carbon sinks. Leakage can undermine the effectiveness of CDR projects by offsetting the very reductions they aim to achieve. Addressing leakage is crucial for ensuring that CDR projects provide a net positive impact on global emissions. 

3. Permanence

Permanence is a critical factor in determining the long-term effectiveness of CDR projects. It refers to the durability of the carbon storage—how long the captured CO2 will remain sequestered and out of the atmosphere. The importance of permanence in CDR cannot be overstated, as the primary goal of these projects is to achieve long-lasting reductions in atmospheric CO2 levels. If the carbon is released back into the atmosphere after a short period, the project fails to deliver meaningful climate benefits and can even create a false sense of progress. 

Climate Vault’s RFP criteria includes a minimum permanence threshold of 50 years. This standard is designed to strike a balance between current technological capabilities and the urgent need for climate action. While longer-term storage solutions, such as those guaranteeing 100 or even 1,000 years of sequestration, are ideal, they are not yet widely available. By setting a 50-year threshold, this encourages immediate action with the best available technologies, while also supporting the continued development of more durable carbon removal methods. 

4. Technical & Economic Feasibility

Investments in carbon credits should contribute to technologies that have the potential to be replicated at scale and make a meaningful contribution to achieving worldwide carbon neutrality, while also achieving reasonable price points. CDR project developers should be able to outline the key barriers to market entry and risks to scaling, including costs, legal and regulatory requirements, and permitting needs. 

5. Environmental & Social Impacts

It is imperative that CDR project developers consider and address the potential social, political, and ecosystem risks associated with their solutions, including: 

• Identifying their stakeholders
• Engaging with, or having a plan in place to engage with, their identified stakeholders
• Understanding stakeholder perspectives
• Identifying the likelihood of adverse reactions to the project
• Considering any site-specific environmental equity concerns regarding the proposed project. 

6. Innovation 

The last criteria should include an assessment of the novelty of the technology or business model presented by the CDR project developer,  including competitive differentiation. Given the nascency of the CDR space and the urgency of the climate crisis, it is critical to support and scale a large and diverse set of innovative carbon removal solutions and to do so as quickly as possible. It will require a myriad of solutions, across pathways, in order to have a chance to avoid the most catastrophic impacts of climate change. 

Unfortunately, novel methods—technologies that are partially- or fully-engineered—only account for 0.1% of global CDR, according to the 2024 State of Carbon Dioxide Removal Report. This includes projects like biochar, enhanced rock weathering, direct air capture with carbon storage (DACCS) and bioenergy with carbon capture and storage (BECCS). For removal of historical CO2 emissions to succeed, there must be immense advancements of more high-quality novel CDR methods this decade. 

Supporting & Scaling High-Quality CDR Projects

Climate Vault currently evaluates CDR solutions across three pathways under the Climate Vault RFP for Innovative CDR Projects. Through a comprehensive RFP process, Climate Vault cuts through the complexity of the CDR space to identify the most impactful carbon removal solutions on behalf of our customers—reducing the administrative burden for sourcing and securing the highest quality and impactful CDR credits. By applying similar criteria to those outlined above, this rigorous approach helps safeguard the integrity of the carbon removal market, while also accelerating the scaling of these critical technologies. 

As the carbon removal market continues to evolve, establishing clear and stringent criteria for CDR is more important than ever. The DOE’s program has the potential to support the scaling of high-quality CDR technologies that drive significant climate action in the years to come. By focusing on these six criteria for high-quality CDR projects, the DOE can ensure that the projects supported under its purchase program are not only effective in removing carbon from the atmosphere but also contribute to broader climate goals. With novel CDR technologies, achieving gigatonne-scale carbon removal is within our grasp, but it will take continued effort, unwavering support by stakeholders, and strict high-quality standards to achieve this impact. 

The carbon landscape is complicated. Download your copy of Climate Vault’s Carbon Landscape eBook for detailed insight into CDR, voluntary and compliance carbon markets, emission allowances, carbon offsets, RECs, and reporting frameworks and standards.

The post 6 Criteria for High-Quality Carbon Removals appeared first on Climate Vault.

In a recent webinar, we sat down with Dr. Ning Zeng, the co-founder and head of science at Carbon Lockdown, and Professor Stephen Pacala, a leading expert in ecology and environmental biology and a member of the Climate Vault Tech Chamber, to learn about the science, technology, and future potential of carbon sequestration through wood burial. Here are the top five takeaways from the conversation:

1. Carbon Removal is Essential for Reaching Net Zero

Carbon removal is a critical component of achieving net zero emissions and mitigating the worst effects of climate change. The fundamental principle behind carbon removal lies in reversing the damage caused by releasing excess CO2, caused by human activities, into the atmosphere. In this way, CDR is a powerful way to mitigate climate impacts and move the planet closer to net-zero emissions. While current technology can mitigate about 80% of our emissions, the remaining 20%—such as emissions from food production—will require active carbon removal to offset. Professor Pacala highlighted the effectiveness of carbon removal strategies, like wood burial, in reversing the climate damage caused by releasing CO2 into the atmosphere, stating, “There’s nothing better when it comes to mitigation than being able to undo what you’ve already started to do.”

The concept of “undoing” climate damage is a powerful one. It reinforces the idea that we not only need to stop adding carbon to the atmosphere but also need to remove what’s already there. This dual approach of reduction and removal is essential in the fight against climate change, especially as we strive to meet international climate goals. Carbon removal strategies are becoming increasingly important as they address historical emissions already in the atmosphere and those that are difficult to eliminate, such as from food production and other essential activities, but the space remains a complex one to navigate. 

2. Wood Burial is Simple & Effective

Wood burial, a method grounded in ecological science, involves burying biomass underground in a controlled, anoxic (oxygen-deprived) environment. The anoxic conditions prevent the wood from decomposing, which means the carbon embodied in the wood is unable to re-enter the atmosphere. Dr. Zeng is credited as the originator of the idea of carbon sequestration via wood burial. According to him, “It’s very simple and requires no new technology. We know how to do this type of civil engineering. The key is to ensure an anoxic condition so that there’s no decomposition.”

The science behind this approach draws on knowledge of carbon cycles and soil microbiology. Plants naturally absorb carbon from the atmosphere via photosynthesis as they grow. Once the plant dies, it begins to decompose, and this process releases the stored carbon back into the atmosphere. While this is a naturally-occurring process, our ability to limit the amount of CO2 that is released back into the atmosphere, such as via wood burial, can help to lower the total amount of CO2 that accumulates in the atmosphere over time. By burying wood in conditions that are low in oxygen and moisture, the decomposition process is significantly slowed, and the carbon remains sequestered within the wood fibers. This method mirrors natural processes seen in peat bogs and other carbon-rich ecosystems, where organic matter is preserved for millennia. According to Professor Pacala, “The fundamental science behind it is really well established and is not really subject to dispute any longer.”

By creating conditions that prevent decomposition, wood burial ensures that the captured carbon remains sequestered for hundreds or even thousands of years. As Dr. Zeng explained, “Nature has already done the difficult job of capturing carbon, and we just need to add some engineering effort to really put the carbon back down.” The simplicity of this method—digging a trench, burying wood, and covering it with clay—is what makes it both effective and scalable. 

3. Wood Vaults are Scalable & Verifiable

Speaking of scalability, this is a major concern for any carbon removal project developer. “As the climate change intensifies, the need for scalable and replicable carbon removal solutions becomes more urgent,” Professor Pacala explained. Both speakers agreed that carbon sequestration via wood vaults offer a scalable and cost-friendly solution to carbon sequestration—with Professor Pacala adding that the benefits of this approach are largely aided by the abundance of available biomass: “The planet produces an extraordinary amount [of wood] in secondary forests that are already harvested and a huge amount of that currently goes to waste.” 

Carbon Lockdown’s approach was also noted as being “entirely verifiable” by Professor Pacala, meaning that the carbon sequestered can be easily measured and verified by opening up the wood vault to find out the state of the wood inside. This type of verifiability is a critical factor for the credibility of any carbon removal project and is crucial for gaining the trust of investors and buyers.  

The ability to implement wood vaults in various locations, coupled with the abundance of available biomass, makes Carbon Lockdown’s method particularly promising. “This technology is scalable and it’s ready now,” stated Professor Pacala. “We don’t have to wait. It’s not a technology that has to be developed a lot in order to start scaling.”

4. The Importance of Site Location

The effectiveness of wood burial as a carbon sequestration method is significantly influenced by the location of the wood vaults. Dr. Zeng explained that the site for the Potomac Project, Carbon Lockdown’s first large-scale wood vault, was chosen based on its suitability for wood burial—specifically, its hydric (water-saturated) soil, proximity to a creek, and unsuitability for growing crops. 

For wood vaults, factors such as soil type, moisture levels, and the potential for disturbances must be carefully considered. The choice of site is critical to ensuring that the buried wood remains undisturbed and that the carbon sequestered remains locked away. Selecting sites with low risk of catastrophic disturbances, such as fire or flooding, is also crucial for the long-term success of terrestrial projects like these. 

By choosing sites that are unsuitable for other uses, such as agriculture in the case of Carbon Lockdown’s Potomac Project site, these projects can also avoid competing with food production while still contributing to climate goals by providing other co-benefits. “The plan [at the Potomac Project] is to bury 5,000 tons of CO2-equivalent of wood in it,” shared Dr. Zeng. “After enclosure, the land above the vault will be re-seeded with plants for pollinator species. And the topography at the surface can be regraded with quite some flexibility to enhance amphibian habitat. The farmer (the land owner) will still even be able to plant winter rye for grazing if he wants.”

5. Addressing Additionality & Leakage

Additionality refers to the principle that a carbon reduction or removal project should provide benefits that would not have occurred without the intervention. For Carbon Lockdown’s wood burial projects, additionality is addressed by ensuring that the wood used is sourced from sustainable forestry practices, where the trees would otherwise be burned or left to decompose, releasing carbon dioxide into the atmosphere. By diverting this wood to a controlled wood burial environment, Carbon Lockdown creates a clear additional carbon benefit that would not have happened in a business-as-usual scenario. 

Leakage, on the other hand, refers to the risk that a carbon sequestration project might indirectly cause an increase in emissions elsewhere. Carbon Lockdown’s wood vault mitigates this risk by carefully managing the entire lifecycle of the wood, from sourcing to burial, and ensuring that the project does not inadvertently lead to deforestation or land-use changes that could negate the carbon benefits. By rigorously addressing both additionality and leakage, Carbon Lockdown is able to demonstrate how wood burial projects are able to provide reliable and verifiable carbon sequestration that contributes meaningfully to climate goals. 

Carbon Lockdown—Ready to Go

Climate Vault’s “Digging into the Terrestrial Pathway with Carbon Lockdown” webinar highlighted the potential of wood burial via wood vault as a scalable, practical, and scientifically sound method for carbon sequestration. With the right conditions and a focus on additionality, leakage, and verifiability, projects like Carbon Lockdown’s could play a significant role in the global effort to combat climate change. As Professor Pacala aptly put it, “Carbon Lockdown is ready to go now, it’s scalable, and some of its competitors may never develop.” 

Want to learn more about Carbon Lockdown and its potential impact on the CDR space? Register to view the webinar-on-demand and hear from Dr. Zeng firsthand about the way wood vaults provide a scalable and cost-effective method backed by science to fight climate change.

The post The Buried Potential of Wood Vaults in Achieving Net Zero appeared first on Climate Vault.

Driving Change in the CDR Market

The proposed program holds significant potential for driving catalytic change in the CDR market and has already received support from several major companies, including Google. Specifically, the program seeks to:

• Expand the pool of buyers purchasing carbon removal credits
• Increase the volume of those purchases year over year
• Identify up-and-coming carbon removal suppliers with strong technical and commercial viability

The DOE’s program is designed to foster a robust market for carbon removal by incentivizing organizations to commit to purchasing and retiring CDR credits annually, in increasing volumes, starting no later than 2025. Importantly, it also requires these “Credit Buyers” to disclose their CDR purchases and related data. In doing so, the DOE seeks to enhance market transparency, bolster the quality and integrity of carbon removal credits, and pave a path for greater participation in the CDR market.  

At Climate Vault, we support the DOE’s mission to create a reliable and effective system that can drive the demand for high-quality carbon removals and accelerate the development of these necessary technologies. At the same time, however, building greater flexibility into the system—in terms of how Credit Buyers can purchase carbon removals—could go a long way in accelerating the program’s intended impact. Below, I summarize our call for flexibility, but I also welcome you to read our full response here.

Climate Vault’s Call for Flexibility

Under the DOE’s proposed CO2 RP Challenge, Credit Buyers would be required to purchase and retire carbon removals in the same year. While this requirement is intended to catalyze action in carbon removal purchases, allowing for flexible mechanisms to procure carbon removals and longer timelines could ultimately foster a much greater impact:

1. Acknowledge Supply Limitations

The current requirement for same-year purchases and retirements of CDR credits assumes a sufficient supply of carbon removals, which is not necessarily the case in today’s CDR market. Unlike traditional voluntary carbon market projects, which often have credits readily available, the CDR market is still in its early stages. Many technologies have yet to achieve their first removals, let alone reach significant scale. By limiting Credit Buyers to carbon removals that can be purchased and retired in the same year, the CO2 RP Challenge could unintentionally stifle the growth of emerging technologies that require substantial lead time and investment to scale up their operations.

Proposed Solution: By allowing for flexible mechanisms, such as pre-purchase agreements, offtake contracts, and other creative procurement models, the DOE can bridge this gap. These mechanisms allow buyers to commit to buying carbon removals that will be achieved in the future. In doing so, they provide CDR suppliers with the necessary demand signals that they need today in order to justify capital expenditure and scale their operations to achieve carbon removals in the future. By securing long-term commitments from buyers, suppliers can plan and invest in expanding their removal capacities, thus gradually aligning supply with demand.

2. Ensure Affordability and Accessibility

The cost of removing 1 ton of CO2 today varies widely across different CDR technologies. While nature-based solutions are often more cost-effective, many technological approaches have not yet reached the $100/ton price point that would make them accessible to a broader market. By requiring Credit Buyers to purchase and retire in the same year, this could unintentionally limit participation to a select few corporate buyers with significant financial resources, thereby hindering broader market engagement

Proposed Solutions: Pre-purchase agreements, offtake contracts, and other flexible purchase mechanisms can help mitigate these pricing challenges. Instead of one-off annual purchases, longer-term contracts between buyers and suppliers can offer more flexible and accessible pricing options. By agreeing to purchase a consistent or increasing amount of carbon removals over several years, buyers can secure removals at potentially lower rates. This approach benefits suppliers by providing the necessary business forecasting and demand signals to grow and scale their operations  and benefits buyers by ensuring a steady supply of removals at a more manageable cost. Such arrangements could also foster collaboration and innovation, driving down costs over time as technologies mature and economies of scale are achieved.

3. Support for Varied CDR Technologies

Finally, requiring same-year purchases and retirements may inadvertently favor more mature CDR technologies over newer, novel solutions. For example, biochar is one of the more mature and cost-effective CDR technologies, leading to a shorter purchase-to-delivery cycle compared to other CDR solutions. Recent data shows that biochar projects have dominated carbon removal sales and deliveries. While this is a positive development, it may overshadow other promising technologies that are still in the early stages of development and have not yet achieved their first removals.

Proposed Solutions: We believe the program should be structured in a way that supports a diverse range of CDR technologies across terrestrial, technological, and oceanic pathways. By allowing flexible procurement timelines, the DOE can ensure that a variety of high-quality carbon removal projects receive the support they need to scale. This approach will enable the market to develop a robust and varied portfolio of CDR solutions, each contributing uniquely to achieving gigaton-scale removal by mid-century.

Diverse CDR Pathways are Critical

In our most recent request for proposals (RFP) round, Climate Vault received applications for projects in 18 countries across six continents, spanning the three CDR pathways we support: oceanic, technological, and terrestrial. This diversity underscores the innovative potential within the CDR community and the importance of providing flexible support mechanisms to foster these solutions.

Flexible options such as pre-purchase agreements, offtake contracts, and unique models (like Climate Vault’s own integrated reduction and removal approach) can provide the demand signals suppliers need. It also allows for a more adaptable timeline for CDR delivery and more manageable price points for buyers. This will help ensure that capital flows to a broad range of solutions, ultimately supporting the development of a diverse and effective CDR ecosystem—one of our core missions here at Climate Vault.

The DOE’s program has the potential to support the scaling of innovative CDR technologies, ensure affordability for buyers, and drive significant climate action in the years to come. I look forward to continued collaboration with the DOE and other stakeholders in the CDR community to advance our shared goal of achieving a sustainable and climate-resilient future.

This post was guest-written by Brynn Esterly, Climate Vault’s Head of Carbon Removal Solutions. 

About Brynn Esterly

Brynn Esterly is a climate and sustainability professional with 10+ years of experience within the financial services industry. In her current role as Head of Carbon Removal Solutions at Climate Vault, she is responsible for leading the annual RFP process for innovative CDR solutions. Her expertise spans environmental markets, product management, investor relations and corporate communications. She received a Masters in Sustainability Management from Columbia University. Connect with Brynn on LinkedIn here. 

The post Climate Vault Submits Response to the DOE’s CDR Purchasing Challenge appeared first on Climate Vault.

Marine CDR and Climate Change 

“Marine CDR” refers to various methods and approaches that leverage the ocean’s natural capacity to absorb and sequester CO2 from the atmosphere. MCDR projects are critical in combating global warming for several reasons:

1. Massive Storage Potential: The ocean covers over 70% of the Earth’s surface and has significant capacity to store CO2, particularly when compared to the sequestration capacity of terrestrial solutions. Enhancing this natural process could play a critical role in reducing atmospheric CO2 levels.
2. Mitigating Climate Impacts: Reducing CO2 concentrations in the ocean has the dual impact of countering ocean acidification, which occurs when too much CO2 is in the water, as well as enabling the ocean to absorb additional CO2 from the atmosphere. Both elements help to decrease the total amount of CO2 in the atmosphere. 
3. Complementing Other CDR Strategies: MCDR solutions do not compete with arable land or require fresh water, and some of the infrastructure and operations that are needed for certain projects are already in place from existing industries. As a result, mCDR can work alongside terrestrial and technological carbon removal methods and emission reductions to provide a comprehensive approach to addressing climate change.

4 Marine CDR Project Types to Watch

At Climate Vault, we know it will require a mosaic of solutions to combat the worst effects of climate change. Researching and developing a variety of mCDR solutions simultaneously is critical to identifying which solution(s) are most effective and scalable. In particular, we believe these 4 mCDR projects could save the planet and would benefit from dedicated research efforts under the Marine CDR Plan: 

1 – Blue Carbon

Blue carbon projects include the restoration and sustainable management of coastal and marine ecosystems—such as mangroves, seagrasses, and salt marshes—that naturally sequester and store significant amounts of CO2. These ecosystems are known as blue carbon ecosystems because they capture and store “blue carbon,” the carbon found in coastal and marine environments.

Blue carbon ecosystems are highly efficient at capturing and storing CO2. Mangroves, for example, can sequester up to five times more carbon per area than tropical forests. These projects are also essential to coastal resilience, supporting wildlife habitats and biodiversity, and bolstering local economies, such as fisheries. Blue carbon projects represent a vital intersection of climate mitigation, environmental conservation, and socioeconomic benefits. Despite these many positives, blue carbon projects face significant challenges, and their success will depend on answering critical questions on scalability and permanence.

2 – Macroalgae

Macroalgae projects focus on the cultivation, harvesting, and sinking of large seaweeds (macroalgae) to the deep ocean. Macroalgae grow quite rapidly and absorb notable amounts of CO2 via photosynthesis; therefore, growing and sinking these seaweeds offers a promising path to permanently sequestering CO2. However, much remains unknown about the effectiveness and impacts of sinking significant quantities of macroalgae to the deep ocean, and this is why further scientific exploration is needed on this topic. 

3 – Ocean Alkalinity Enhancement

Ocean Alkalinity Enhancement (OAE) involves adding alkaline substances, such as crushed olivine or lime, to ocean water. When alkaline substances are added to water, they react with CO2 in the water to form a solid mineral. This locks away the CO2 so that it cannot return to the atmosphere. Alkalinity also helps to counteract ocean acidification, a harmful consequence of rising CO2 levels that affects marine life.

While the chemistry behind OAE is well-understood, most OAE research to date has been confined to modeling and lab studies. Field trials are needed in order to better observe and quantify the effects of OAE on ocean chemistry, local ecosystems and coastal communities,  and to develop more precise accounting for carbon sequestration capacity. 

4 – Direct Ocean Capture

Direct Ocean Capture (DOC) projects involve technologies that directly remove CO2 from seawater. Once the CO2 is removed, the ocean absorbs more CO2 from the atmosphere in order to maintain a natural equilibrium. The CO2 that is removed from the seawater can then be permanently stored underground or used in long-lived products, such as cement used in construction materials, to prevent the CO2 from re-entering the atmosphere. DOC has significant potential as a mCDR approach; however, these projects currently remain in earlier stages of development and implementation.  

The Path Forward

Marine CDR projects offer a promising path forward to saving the planet by reducing the amount of CO2 in the ocean and enabling the ocean to naturally draw down more CO2 from the atmosphere. However, these projects are in earlier stages of development and implementation compared to other terrestrial or technological CDR solutions. Additionally, the vastness and complexity of the ocean makes modeling and executing mCDR projects uniquely challenging.   Continued research, pilot projects, and collaboration are essential to advance mCDR technologies and realize their full potential as a critical component of global climate change mitigation strategies. In the United States, the Marine CDR Plan could mark an important step in supporting and scaling these promising mCDR technologies, and we look forward to seeing how this important research initiative unfolds.

Dive deeper into mCDR solutions and Climate Vault’s oceanic pathway for innovative CDR projects. Watch our webinar on demand and hear from two mCDR project developers about the state of the oceanic pathway and the promise of these solutions for removing historic carbon.

The post 4 Marine CDR Projects That Could Save the Planet appeared first on Climate Vault.

Today we’re thrilled to share that the Climate Vault Tech Chamber, led by former U.S. Energy Secretary Ernest Moniz, has selected Carbon Lockdown and Octavia Carbon for its 2023 Carbon Dioxide Removal Innovation Award through its RFP process. This is the first time the Tech Chamber’s rigorous standards for CDR solutions have ever been met. Carbon Lockdown’s and Octavia Carbon’s carbon removal projects have the combined potential to remove 15,000 metric tons of CO2 from the atmosphere. 

Carbon Lockdown

Located in rural Maryland, Carbon Lockdown’s project involves the collection and secure storage of sustainably-sourced woody biomass. The biomass is stored in a “wood vault” (see image 1), which is a specially-engineered underground structure that prevents the decomposition and re-release of the biomass’ embodied CO2 back into the atmosphere. Wood vault technology ensures durable preservation of buried biomass, and is akin to the first step of fossil fuel formation. That’s why some people call it ‘reverse coal’. Carbon Lockdown’s project can achieve the removal of up to 5,000 net metric tons of CO2. 

The Carbon Lockdown project was created to facilitate sustainable carbon sequestration technologies. Carbon Lockdown’s objectives include project development, project evaluation, monitoring and certification, and information exchange platforms. Their team currently focuses on two methods for wood harvesting and storage in order to:

• Ensure longevity of stored wood while minimizing environmental impact
• Manage forests for wood harvesting  
• Identify sources of waste wood with co-benefits such as reduction of fire risk

“Carbon Lockdown is thrilled and honored to have been selected by Climate Vault’s Tech Chamber as a winner of the 2023 Carbon Dioxide Removal Innovation Award,” said company founder and University of Maryland Professor Dr. Ning Zeng. “We look forward to working with Climate Vault to advance and scale our Wood Vault technology, which offers high-quality durable CDR with low-cost potential that is ready to deploy now.”

Octavia Carbon

Octavia Carbon is the Global South’s first direct air capture (DAC) company based in Nairobi, Kenya. They are developing geothermal integrated DAC machines that filter CO2 from the atmosphere. Leveraging Kenya’s geology along the Rift Valley, the captured CO2 will be injected underground for secure and permanent storage.  

Octavia Carbon’s pilot DAC+Storage project, Project Hummingbird (see image 2), will be commissioned later this year. It will initially have the capacity to capture and securely store up to 10,000 net metric tons of CO2. By leveraging Kenya’s renewable energy, geology, and talent, Octavia Carbon is on a mission to not only drive down the cost of DAC but also promote socio-economic growth within the region. 

“It is an incredible honor to be selected by Climate Vault’s Tech Chamber for their 2023 Carbon Dioxide Removal Innovation Award. This recognition not only validates the potential of Octavia’s Direct Air Capture (DAC) technology but also highlights the critical role DAC has to play in tackling climate change,” said Martin Freimüller, Founder and CEO of Octavia Carbon. “Climate Vault’s commitment to supporting innovative CDR solutions like ours is exactly what we need to accelerate carbon removal in time to address the climate issue. Their support will provide the perfect springboard for us to accelerate the development and deployment of our low-cost DAC technology in Kenya.  We are excited to collaborate with Climate Vault and leverage their support to advance our DAC solution.” 

Climate Vault Donors’ Advanced Market Commitment 

At Climate Vault our goal is to reduce and remove global carbon dioxide emissions, while  supporting the development and scaling of innovative CDR technologies and the CDR ecosystem. The selection of Octavia Carbon and Carbon Lockdown as our first Carbon Dioxide Removal Innovation Award winners validates this mission. 

Climate Vault has already made a large volume advanced market commitment to purchase available removals from Tech Chamber approved CDR projects, currently totaling over 1.1 million metric tons and growing. This is thanks to the support of Climate Vault’s more than 50 institutional partners and hundreds of individual donors. By purchasing and “vaulting” these emission allowances from compliance markets, we have already helped to reduce the expected damages from climate change by more than $250 million.

While immediate carbon reductions provide an immediate and meaningful impact, reduction efforts alone are not enough to mitigate the worst effects of climate change. This is why Climate Vault’s integrated solution then goes one step further by using the value of the vaulted allowances to spur innovation in CDR technologies, while remaining faithful to our commitment to Climate Vault donors to help reduce their carbon footprint. 

“Virtually all plans to limit climate change rely on the removal of past CO2 emissions from the atmosphere. The problem is that these technologies are largely unproven at prices that would make them widely economical or scalable,” said Michael Greenstone, Co-Founder of Climate Vault and the Milton Friedman Distinguished Service Professor of Economics at the University of Chicago. “Hope is not a strategy. We at Climate Vault believe that economic incentives, like our advanced market commitment, are vital to unlocking the necessary innovation. We couldn’t be more excited that Carbon Lockdown and Octavia Carbon are the first two companies to have their technology validated by the Tech Chamber as trustworthy for credibly removing CO2 from the atmosphere.”

Carbon Lockdown and Octavia Carbon were chosen from a pool of more than 50 CDR companies that applied for consideration in response to Climate Vault’s 2023 request for proposals. The number of applicants increased five-fold from Climate Vault’s first RFP issued in 2021, underscoring the power of the advanced market commitment. 

The Climate Vault Tech Chamber

Climate Vault’s Request For Proposals (RFP) for innovative CDR technologies includes a comprehensive evaluation by the Climate Vault Tech Chamber. The Tech Chamber is led by former U.S. Energy Secretary Ernest Moniz with scientific experts from MIT, Princeton, Harvard, and UC San Diego (Scripps Oceanography). The Tech Chamber’s deep subject-matter expertise, diverse experience across academia, government and the private sector, as well as their respected positions at the forefront of discussion and decision-making on climate change issues, makes them uniquely qualified to assess and identify the carbon removal technologies that have the most potential to make a significant impact in the fight against climate change. 

The Tech Chamber’s expertise, coupled with their due diligence process, results in only the most effective and credible projects being selected to provide verified carbon removals, and thus reduces the risk of our partners’ sustainability initiatives falling short. Additionally, as part of Climate Vault’s and the Tech Chamber’s 4-part RFP review process, both Octavia Carbon and Carbon Lockdown also underwent a third-party assessment. This was conducted by Climate Vault’s esteemed auditors, DNV and EnergyLink Services, to provide an independent layer of review and assurance regarding the proposed carbon removal projects and application materials.

“CDR is essential if the United States and other countries are to reach net-zero emissions – and eventually a net-negative emissions economy,” said Moniz. “Supporting innovative CDR, like the projects announced today, is a critical step at this early stage of progress towards gigaton scale legacy carbon removal from the atmosphere and upper layers of the oceans.”

Commitment to Quality

Our announcement aligns closely with the Biden-Harris Administration’s recently unveiled Principles for High-Integrity Voluntary Carbon Markets, which emphasize credibility, verifiability, and transparency—cornerstones of Climate Vault’s operational ethos. These new principles support innovative solutions to the climate crisis and validate our commitment to rigorous due diligence and integrity in both the carbon reduction and carbon removal spaces. 

Innovative CDR Needs Our Support Today

As we look to the future, one thing is clear: CDR is not just a concept—it’s our path forward. While efforts towards emission reduction and decarbonization are vital, CDR technologies hold the key to saving our planet for future generations. The field, however, is still in its infancy. Novel methods—technologies that are partially- or fully-engineered like those or our two honorees—account for only 0.1% of global CDR, according to the 2023 State of Carbon Dioxide Removal Report. For removal of historical CO2 emissions to succeed, there must be immense advancements of novel CDR methods this decade. 

At Climate Vault, this is why we’re leading the charge by evaluating CDR solutions and their impact through our annual RFP for Innovative CDR technologies. Through our stringent review process, we are able to cut through the complexity of the CDR space, delivering impactful carbon removal solutions to Climate Vault supporters while reducing their administrative burden. As we celebrate today’s successful outcome of the 2023 RFP round, we are already planning ahead to launch our new RFP cycle later this year. Organizations that are interested in applying for the 2024 Carbon Dioxide Removal (CDR) Innovation Award can sign up to be the first to receive the RFP Application and Additional Information document when it becomes available. Only together can we preserve the planet we call home for our future generations. 

Learn more about each of the RFP recipients and the potential impact of their projects on the climate crisis by registering to attend Climate Vault’s upcoming free CDR webinar series. 

The post Climate Vault Announces Recipients of CDR Innovation Award  appeared first on Climate Vault.