DNV awarded contract to audit and conduct due diligence of innovative carbon dioxide removal technologies for Climate Vault

Source: press release, 20 September 2022

Director of Growth, Innovation & Digitalisation for Energy Systems at DNV, Lucy Craig
Director of Growth, Innovation & Digitalisation for Energy Systems at DNV, Lucy Craig (photo: DNV)

DNV, the independent energy expert and assurance provider, has announced that it has been awarded a contract to perform audit services for Climate Vault, an award-winning non-profit founded at the University of Chicago, working on an innovative approach to carbon dioxide removal (CDR).

Climate Vault’s method of helping organisations eliminate historical CO2 emissions and reduce future emissions involves purchasing emission allowances from government-regulated compliance markets and “vaulting” these allowances to neutralise the carbon footprints of its contributors. With the support of Climate Vault’s Technology Experts Chamber, the value of the allowances will ultimately be used to support CDR technologies in removing CO2 already in the atmosphere.

“Our latest estimates show that by 2050, North America will have reduced CO2 emissions by 73% compared with 2019, but 1.58 Gt CO2 will remain, in contrast to the region’s pledge,” explains Lucy Craig, Director of Growth, Innovation & Digitalisation for Energy Systems at DNV.

“To succeed in the transition to net-zero, we need to dramatically accelerate the establishment of carbon removal technologies and foster innovation in this field, Carbon capture, use and storage has proven to be a cost-effective solution for industrial decarbonisation, and despite being often seen only as a transitional means of preventing fossil fuel carbon lock-in, it presents the advantage of being immediately available for deployment at scale. To scale up, some emerging CDR technologies still need to demonstrate their performance, and as an independent third party, we are uniquely positioned to assess these and give organisations the assurance they need to commit,” Craig continues.

“DNV’s audit and due diligence services will provide Climate Vault with the added confidence that we are selecting CDR technologies that are effective, impactful and generate proven results in removing carbon dioxide from our environment,” says Michael Greenstone, Co-Founder of Climate Vault and Milton Friedman Distinguished Service Professor of Economics at the University of Chicago. “Partnering with DNV will allow us to streamline and hasten our CDR technology vetting process, so we can make important strides towards creating a cleaner future faster.”

DNV’s head of Carbon capture utilisation and storage (CCUS) Laith Amin says, “We are delighted to build on our long-standing international record of supporting verifiability in carbon capture marketplaces combined with independent qualification of technology performance. We look forward to aiding Climate Vault in building the trust needed for these innovations to be successful.”