Climate Vault is set to fund up to 860,000 tons of carbon dioxide removal (CDR) and is inviting companies in the nascent industry to apply for grants. This is the first Climate Vault Request For Proposals (RFP) of 2023 and its process will find, evaluate and award funds to companies that can provide carbon removal through any of these three categories:
- Terrestrial processes that include ecological, agricultural, biological, plant cultivar, and soil carbon ecosystems.
- Technological innovations, such as bioenergy with carbon capture and storage (BECCS), direct air capture (DAC), ex situ and in situ mineralization, and soil additions.
- Oceanic-based processes, including ocean alkalinity enhancement (OAE) and abiotic, electrolytic, biotic, blue carbon, and macroalgae systems.
The application deadline is March 29, 2023 and inquiries and documents can be sent to email@example.com or by submitting a form through https://get.climatevault.org/cdr-rfp/. The invitation will be extended to the first 10 applicants to submit complete RFP applications that meet all relevant CDR criteria. Requirements and guidelines have been set by Climate Vault’s Tech Chamber and are centered around the permanence and additionality of carbon removal.
“Climate Vault takes an innovative two-step approach to reduce and remove atmospheric carbon. Through Climate Vault’s RFP program for CDR solutions, we’re creating awareness of carbon removal and enabling new companies to prove their impact and scale,” said Jason Grant, Climate Vault’s Chief Operating Officer.
Climate Vault’s approach relies on working with donors in a two-step process. Climate Vault initially buys and “vaults” CO2 emission allowances from compliance markets, thus keeping them off the market and essentially creating verified offsets. The next step is leveraging the value of the allowances to finance carbon removals from eligible companies through RFPs like the one that has been announced today.