Climate Vault Launches RFP Round for Innovative Carbon Dioxide Removal Projects

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The carbon dioxide removal (CDR) space is dynamic and rapidly evolving. The past year has seen the development of promising technologies, new start-ups entering the market, notable offtake and pre-purchase agreements being made, and a portion of carbon removals being achieved and delivered. On top of all this, there are preliminary CDR project development and assessment guidelines being developed, government funding programs underway, and regional, federal and international dialogues in progress that will shape policies for guiding and supporting the continued growth of the CDR space.

Navigating the Evolving CDR Space

If you’re new to the carbon removal space, or want to find the most impactful way to support the growth of this critical emerging industry, it can be difficult to know where to start. You may be wondering: What carbon removal approaches are most effective at sequestering carbon? How do you know whether a CDR technology is credible and scalable? And what are the most important criteria that should be used to assess various CDR technologies? 

At Climate Vault Solutions, we take the guesswork out of this process. Within our comprehensive suite of solutions, we offer our clients two flexible paths for incorporating carbon dioxide removal (CDR) technology into their climate action strategy: 

  1. The Reduce and Remove Model: An integrated approach combining emissions reduction with removal
  2. The Direct to CDR Option: Enables clients to purchase removal credits directly from our curated CDR portfolio.  

A New Framework for Evaluating CDR Projects

In response to a dynamic CDR market, Climate Vault Solutions has launched a streamlined process for the latest RFP for Innovative CDR Projects. The program is guided by the standards set by the Climate Vault nonprofit’s Technology Experts Chamber (“Tech Chamber”). The Tech Chamber, chaired by former US Energy Secretary Ernest Moniz, is a group of world-renowned science, energy and policy experts from Harvard, MIT, Princeton, University of Maryland, and UC San Diego (Scripps Oceanography). The Tech Chamber brings deep subject-matter expertise and diverse experience from academia, government, and the private sector. Their respected standing in climate change discussions and decision-making uniquely qualifies them to set the rigorous standards by which Climate Vault Solutions evaluates carbon removal technologies in its RFP program. These standards ensure that only the most impactful and scalable technologies are selected, while also offering applicants a pathway to scale their solutions.

Four-Step RFP Evaluation Process

Our RFP process comprises four core stages designed to pinpoint high-quality CDR projects:

  1. Initial Screening: Every application goes through a preliminary check to confirm that the project aligns with Climate Vault Solutions’ minimum requirements. During this phase, we evaluate:
  • Eligibility: We verify that the project is a carbon removal solution, excluding projects focused solely on emissions capture, such as Carbon Capture and Storage (CCS) from industrial sources.
  • Permanence Standards: The project must meet our minimum durability standards, ensuring the carbon is securely and effectively removed from the atmosphere.
  • Document Completeness: Any information gaps or unclear areas in the application are addressed with applicants before advancing. Only projects that meet these foundational criteria proceed to the next stage.
  1. Standards-Based Assessment: In the second stage of our review process, our team does a deep-dive evaluation of each RFP application against the standards set by the Tech Chamber. These standards outline key metrics for assessing a project’s technological viability, scalability, and potential for long-term climate impact. This standards-driven assessment helps us filter for projects that meet Climate Vault Solutions’ high benchmarks for quality and efficacy.
  1. Independent Audit: Selected applicants undergo an independent assessment conducted by one of our trusted auditors, DNV and EnergyLink Services. The purpose of the audit is to: 
  • Confirm that the information presented in the applicants’ application materials is fair, accurate and complete
  • Maintain impartiality in Climate Vault Solutions’ selection process and;
  • Provide an additional data point to make our final decision regarding the outcome for the RFP process. 

Based on our assessment of the application against the Tech Chamber’s standards, and following a review of the independent audit report, Climate Vault Solutions makes a final decision regarding the outcome for the RFP process, determining whether or not a project will be selected as a winner.

  1. Portfolio Inclusion: Once a winner is identified, Climate Vault Solutions welcomes the successful company into our exclusive portfolio of high-quality CDR solutions. Winners will benefit from inclusion in our direct sales channel for carbon removal credits, access to our extensive network of institutional investors, and the opportunity to apply for a grant from the Climate Vault nonprofit, among other benefits. Grant funding from the Climate Vault nonprofit is only provided once carbon removals have been achieved and verified by our independent auditors. This approach provides an additional layer of assurance to our process and for our donor customers, to ensure each emission allowance is converted into at least one tonne of atmospheric carbon removals or more.

Cutting Through the Complexity

Through our comprehensive RFP process, Climate Vault Solutions cuts through the complexity of the CDR space to identify the most impactful carbon removal solutions on behalf of our customers. We reduce your administrative burden for sourcing and securing the highest quality and impactful CDR credits. Through our process, we seek to build a large, diverse portfolio of innovative, scalable carbon removal solutions—across project types and pathways—which can meet the challenge of the climate crisis.

To learn more about how you can verifiably knock out your carbon footprint by leveraging immediate carbon reductions into long-term carbon removals, reach out to the team here at Climate Vault.

Climate Vault Solutions, Inc. is the public fundraiser for Climate Vault, Inc 501(c)(3).