Climate Vault Announces New Collaboration with Morningstar to Neutralize their Carbon Footprint

CHICAGO, April 28, 2022 /PRNewswire/ -- Climate Vault, an award-winning non-profit founded at the University of Chicago, today 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 "vaulted" these permits to neutralize Morningstar's footprint. Because the number of permits is capped, keeping them off the market decreases CO2 emissions and provides a quantifiable, verifiable offset. Then, with the support and counsel of Climate Vault's world-class Technology Experts Chamber, the value of the permits will be used to support carbon dioxide removal (CDR) technologies that remove CO2 already in the atmosphere.

"We are thrilled to work with Morningstar on this important commitment to reduce their emissions footprint and support their sustainability goals," said Michael Greenstone, Co-Founder of Climate Vault and Milton Friedman Distinguished Service Professor of Economics at the University of Chicago. "Climate Vault provides a credible and transparent solution for organizations interested in confronting the climate challenge, and we are proud to be working with global leaders like Morningstar to build a better future, together."

"The immediacy of climate change has brought ESG issues into sharp relief, requiring asset owners, investment managers, and companies to more clearly articulate their approaches to climate risks," said Gabriel Presler, Global Head of Enterprise Sustainability, Morningstar. "As a leading provider of ESG and sustainable investment research and data, we understand the need for transparent, quantifiable offerings for companies and investors who seek to manage their environmental impact. Climate Vault's unique and transparent approach illustrates the potential of market-based tools to contribute lasting solutions to the global climate challenge."

Morningstar worked closely with a sustainability-reporting software solutions provider based in the UK (also called Greenstone but with no relation to Michael Greenstone), to calculate the carbon footprint of its Scope 1, Scope 2 and Scope 3 emissions associated with the goods and services acquired by the organization as well as related indirect emissions.

Climate Vault is currently in the process of reviewing applications from its first carbon removal RFP and hopes to award CDR enterprises this summer. More information on Climate Vault's innovative approach can be found here. In addition to Morningstar, Climate Vault is working with TPG, Vanderbilt University, Kearney, Kin and Carta, and other organizations to meet their climate goals.

About Climate Vault

Founded at the 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 markets to purchase and "vault" CO2 permits while supporting carbon removal technologies to remove pollution already in the atmosphere. Thanks to its supporters, Climate Vault has vaulted more then 600,000 metric tons of CO2 to-date. Visit www.ClimateVault.org to learn more, calculate your individual footprint, and help your organization or financial portfolio reach net zero. Join the climate conversation by following us on Facebook, Twitter, and LinkedIn.

Contacts

Climate Vault
[email protected]

SOURCE Climate Vault

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