DNV announced today that it has been awarded a contract to perform audit services for Climate Vault, an award-winning non-profit founded at the University of Chicago, working on an innovative approach to carbon dioxide removal (CDR).
Climate Vault’s method of helping organizations eliminate historical CO2 emissions and reduce future emissions involves purchasing emission allowances from government-regulated compliance markets and “vaulting” these allowances to neutralize the carbon footprints of its contributors. With the support of Climate Vault’s Technology Experts Chamber, the value of the allowances will ultimately be used to support CDR technologies in removing CO2 already in the atmosphere.
“Our latest estimates show that by 2050, North America will have reduced CO2 emissions by 73% compared with 2019, but 1.58 GtCO2 will remain, in contrast to the region’s pledge, explained Lucy Craig, Director of Growth, Innovation & Digitalization for Energy Systems at DNV.
To succeed in the transition to net-zero, we need to dramatically accelerate the establishment of carbon removal technologies and foster innovation in this field, Carbon capture, use and storage has proven to be a cost-effective solution for industrial decarbonization, and despite being often seen only as a transitional means of preventing fossil fuel carbon lock-in, it presents the advantage of being immediately available for deployment at scale.
To scale up, some emerging CDR technologies still need to demonstrate their performance, and as an independent third party, we are uniquely positioned to assess these and give organizations the assurance they need to commit.”
“DNV’s audit and due diligence services will provide Climate Vault with the added confidence that we are selecting CDR technologies that are effective, impactful and generate proven results in removing carbon dioxide from our environment,” said Michael Greenstone, Co-Founder of Climate Vault and Milton Friedman Distinguished Service Professor of Economics at the University of Chicago. “Partnering with DNV will allow us to streamline and hasten our CDR technology vetting process, so we can make important strides towards creating a cleaner future faster.”
DNV’s head of Carbon capture utilization and storage (CCUS) Laith Amin said, “We are delighted to build on our long-standing international record of supporting verifiability in carbon capture marketplaces combined with independent qualification of technology performance. We look forward to aiding Climate Vault in building the trust needed for these innovations to be successful.”
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In the energy industry
DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services. As the world's leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement, and supports customers to transition faster to a deeply decarbonized energy system.
About Climate Vault
Founded at the University of Chicago, Climate Vault is a non-profit that uses the power of compliance markets to reduce and eliminate carbon pollution. Its two-pronged approach 1) purchases and vaults pollution permits on cap-and-trade markets to prevent carbon pollution and 2) supports carbon dioxide removal (CDR) technologies to eliminate historical pollution to-date. Climate Vault works with climate-conscious individuals and organizations to help protect current and future generations from the harmful effects of climate change by providing an innovative solution to reduce carbon emissions today.
Visit www.ClimateVault.org to learn more about our approach, calculate your individual footprint, and help your organization or financial portfolio reach net zero.