Learn how businesses can accelerate the decarbonization of their operations, helping to draw down the more than 1 trillion tons of carbon dioxide emitted by humans during the Industrial Era. Jason Grant, chief operating officer of Climate Vault, and Sanjay Srivastava, chief digital strategist at Genpact, discuss the complicated details of how carbon markets, credits, and allowances work. Climate Vault, a nonprofit that purchases and manages carbon allowance and credits to support carbon capture and sequestration technologies, and Genpact, a digital services firm that provides carbon tracking capabilities for large organizations, have partnered to deliver an end-to-end solution for tracking, managing, and turning a profit by reducing CO2 emissions.
Climate Vault was named a World Changing Idea for 2022 by the business magazine, Fast Company. Jason and Sanjay explain the difference between a carbon allowance and a carbon credit. Carbon allowances let you emit, for example, 1 ton of CO2 within an overall carbon budget. Genpact’s tools track whether the allowance goes unused, so that the resulting savings can be retired or sold. That’s where Climate Vault comes into the picture. It buys carbon allowances, retires them to prevent emissions, and turns the avoided emissions into funding that supports carbon capture and sequestration technology development. In other words, Climate Vault helps companies use one carbon allowance to both retire CO2 and fund the tools that will remove more CO2 in the future.