NORTHAMPTON, MA /ACCESSWIRE/October 12, 2022/ To neutralize emissions from its associates’ business travel, the company has entered into a collaboration with Climate Vault, a non-profit organization that, on T. Rowe Price’s behalf, will purchase and “vault” the allowances government-regulated cap-and-trade compliance markets.
Since the number of allowances is capped, keeping them out of the market means fewer are available for purchase by other market players who would otherwise use them and continue to pollute. This “vault” of permits effectively decreases global carbon dioxide (CO2) while delivering quantifiable and verifiable carbon reduction.
Climate Vault will then convert the value of the vaulted allocations to fund cutting-edge carbon dioxide removal (CDR) technology that will eliminate historic carbon emissions, a critical step in slowing and reversing climate change. In this way, Climate Vault creates a virtuous cycle that not only removes carbon emissions from the atmosphere, but also helps carbon removal technologies become more scalable, viable and cost-effective.
“As we seek to manage our environmental impact by integrating and extending our ESG practices, Climate Vault’s unique approach to offsetting carbon emissions will allow us to reduce our carbon footprint today while supporting innovation to eliminate greenhouse gases forever,” says Gaby Infante, T Rowe Price’s director of environment, social and corporate governance (ESG).
“Unlike traditional methods of voluntary carbon offsetting, the idea of buying allowances on the regulated market and ultimately funding carbon removal technologies was very appealing,” Infante added. “Rather than simply limiting emissions, Climate Vault’s ‘reduction to elimination’ method ensures that carbon emissions are actually eliminated.”
Additionally, in response to T. Rowe Price employees’ desire to make a difference and adopt more sustainable practices in their personal lives, the company is running a donation drive for Climate Vault. Associates are encouraged to use Climate Vault’s CO2 calculator to calculate their personal carbon footprint and donate to Climate Vault, which will be matched by T. Rowe Price, to neutralize it.
“We are delighted to work with T. Rowe Price to support their Sustainable Development Goals,” said Michael Greenstone, co-founder of Climate Vault, Milton Friedman Distinguished Service Professor of Economics at the University of Chicago and former Chief Economist of the Council of President Barack Obama. economic advisers. “Climate Vault provides a credible and transparent solution for organizations that want to reduce emissions and support innovation, and we are proud to work with global leaders like T. Rowe Price to build a better future together.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price, based in Baltimore (troweprice.com) is a global investment management organization with US$1.34 trillion in assets under management as of August 31, 2022. The organization offers a wide range of mutual fund, sub-advisory and investment management services. separate accounts for individual and institutional investors, pension plans and financial companies. intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined and risk-conscious investment approach emphasizes diversification, consistency of style and fundamental research.
ABOUT CLIMATE VAULT
Climate Vault is a CDP 501(c)(3) accredited climate solutions startup founded at the University of Chicago by former White House senior economic adviser Michael Greenstone and prominent business leaders. Climate Vault offers the world’s first integrated and verifiable carbon reduction and removal solution, giving organizations and individuals a fast, easy and credible way to achieve carbon neutrality. Our market-based solution focuses on immediately reducing carbon footprints by purchasing allowances on highly regulated carbon markets and converting those allowances into funding for advanced carbon dioxide removal (CDR) technology that will eliminate carbon emissions from the atmosphere, forever. Climate Vault’s CDR initiative is supported by a “Technology Chamber” made up of leading climate science experts, including former US Energy Secretary Ernie Moniz. Since our launch in 2021, we have been named to Fast Company’s “World Changing Ideas” list and have reduced ¾ million tonnes of CO2 for our partners, the equivalent of preventing 72,000 private cars from circulating around the Earth. Leading brands such as T. Rowe Price, Vanderbilt University, TPG, Morningstar, Gemini and Danfoss trust Climate Vault to build tailored carbon programs that deliver quantifiable results and lasting impact. Visit www.climatevault.org to find out more, calculate your individual footprintand help your organization or financial portfolio achieve carbon neutrality.
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