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.