CHICAGO, April 28, 2022 /PRNewswire/ — Climatic vaultan award-winning non-profit organization founded in University of Chicagotoday announced a new collaboration with Morningstar, Inc.a leading provider of independent investment research, to offset Morningstar’s carbon footprint.
Climate Vault purchased carbon permits from government-regulated compliance markets and “saved” those permits to neutralize Morningstar’s footprint. Since the number of permits is capped, keeping them out of the market reduces CO2 emissions and provides a quantifiable and verifiable offset. Then, with world-class support and guidance from Climate Vault Chamber of Technological Expertsthe value of the permits will be used to support carbon dioxide removal (CDR) technologies that remove CO2 already present in the atmosphere.
“We are delighted to work with Morningstar on this important commitment to reduce their carbon footprint and support their sustainability goals,” said Michael Greenstone, co-founder of Climate Vault and Milton Friedman Distinguished Service Professor of Economics at University of Chicago. “Climate Vault provides a credible and transparent solution for organizations looking to address the climate challenge, and we are proud to work with global leaders like Morningstar to build a better future together.”
“The immediacy of climate change has highlighted ESG issues, forcing asset owners, investment managers and companies to articulate their approaches to climate risk more clearly,” said Gabriel Presler, Global Head of Corporate Sustainability, Morningstar. “As a leading provider of ESG and sustainability investing research and data, we understand the need for transparent and quantifiable offerings for companies and investors looking to manage their environmental impact. Climate’s unique and transparent approach Vault illustrates the potential of market-based tools to provide sustainable solutions to the global climate challenge.”
Morningstar worked closely with a UK-based sustainability reporting software provider (also called Greenstone but unrelated to Michael Greenstone), to calculate the carbon footprint of its Scope 1, Scope 2 and Scope 3 associated with goods and services. acquired by the organization as well as the associated indirect emissions.
Climate Vault is currently reviewing applications for its first carbon removal Tender and hopes to reward CDR companies this summer. More information on Climate Vault’s innovative approach can be found here. In addition to Morningstar, Climate Vault works with TPG, Vanderbilt UniversityKearney, Kin and Carta, and other organizations to achieve their climate goals.
About Climate Vault
Founded in 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 marketplaces to purchase and “vault” CO2 permits while supporting carbon removal technologies to remove pollution already present in the atmosphere. Thanks to its supporters, Climate Vault has vented over 600,000 metric tons of CO2 to date. To visit www.ClimateVault.org to find out more, calculate your individual footprintand help your organization or financial portfolio reaches net zero. Join the climate conversation by following us on Facebook, Twitterand LinkedIn.
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SOURCE climatic vault