Climate Vault has selected Carbon Lockdown and Octavia Carbon as the first recipients of its Carbon Dioxide Removal (CDR) Innovation Award. These companies have developed promising technologies with the potential to remove a combined 15,000 metric tons of CO2 from the atmosphere.
This investment highlights Climate Vault‘s commitment to supporting innovative solutions to the climate crisis.
The company has established a large-scale market for carbon removal by purchasing over 1.1 million metric tons of carbon removals. This market-based approach is designed to stimulate the development of new and effective CDR technologies.
Relevant: Octavia Carbon To Offer High-Quality CO2 Credits On CEEZER Platform
Carbon Lockdown‘s project focuses on burying and storing biomass in a secure underground vault, while Octavia Carbon is developing direct air capture (DAC) technology powered by geothermal energy.
Both companies have demonstrated a strong commitment to rigorous scientific standards and long-term carbon storage.
Climate Vault’s Tech Chamber, led by former U.S. Energy Secretary Ernest Moniz, plays a crucial role in evaluating and selecting CDR projects. The chamber’s expertise in climate science and policy ensures that only the most promising and credible projects receive funding.
Relevant: Lowercarbon Capital Raises $550 Million For Two New Climate Funds
By supporting these pioneering companies, Climate Vault is accelerating the development of carbon removal technologies and contributing to a more sustainable future.
Michael Greenstone, Co-Founder of Climate Vault and the Milton Friedman Distinguished Service Professor of Economics at the University of Chicago, said: “Virtually all plans to limit climate change rely on the removal of past CO2 emissions from the atmosphere. The problem is that these technologies are largely unproven at prices that would make them widely economical or scalable.”
“Hope is not a strategy. We at Climate Vault believe that economic incentives, like our advanced market commitment, are vital to unlocking the necessary innovation. We couldn’t be more excited that Carbon Lockdown and Octavia Carbon are the first two companies to have their technology validated by the Tech Chamber as trustworthy for credibly removing CO2 from the atmosphere.”
