Find out how businesses can speed up the decarbonization of their operations, helping to attract down the greater than 1 trillion tons of carbon dioxide emitted by humans throughout 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 gives carbon tracking capabilities for big 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 allow you to emit, for instance, one ton of CO2 inside an overall carbon budget. Genpact’s tools track whether the allowance goes unused, in order that the resulting savings might be retired or sold. That’s where Climate Vault comes into the image. It buys carbon allowances, retires them to forestall emissions, and turns the avoided emissions into funding that supports carbon capture and sequestration technology development. In other words, Climate Vault helps firms use one carbon allowance to each retire CO2 and fund the tools that may remove more CO2 in the longer term.
You possibly can learn more about Genpact at genpact.com and about Climate Vault at climatevault.org.