By Matthew Choi
A new initiative launching today is aiming to curb carbon emissions by buying credits on carbon markets and stowing them away. The nonprofit, dubbed “Climate Vault,” purchases the permits on behalf of companies and other organizations on cap-and-trade markets. The group is spearheaded by University of Chicago Prof. Michael Greenstone, who worked on the Obama administration’s social cost of carbon. Former Energy Secretary Ernest Moniz is also involved in the effort, leading a body of experts who determine innovators who find ways to remove carbon and are rewarded with Climate Vault’s permit assets.
Areas of Focus: Climate Change, Climate Economics, Energy Markets, Fossil Fuels
Definition
Climate Change
Climate change is an urgent global challenge. EPIC research is helping to assess its impacts, quantify its costs, and identify an efficient set of policies to reduce emissions and adapt...
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Climate Economics
Climate change will affect every sector of the economy, both locally and globally. EPIC research is quantifying these effects to help guide policymakers, businesses, and individuals working to mitigate and...
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Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.
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Fossil Fuels
Under current policies, fossil fuels will play an important role in the energy system for the foreseeable future. EPIC research is exploring the costs and benefits of these fuels as...