Scientists have been trying to stockpile carbon emissions in rocks, soil, and trees to trap carbon dioxide in the financial markets. Prof. Michael Greenstoneâs plan takes advantage of the current cap-and-trade system around carbon emissions. It creates a secondary marketplace that allows organizations to counterbalance their carbon emissions with pollution permits. The hope is that this would efficiently minimize emissions and redirect capital to environmentally focus startups.The plan is being operated by nonprofit Climate Vault Dr. Greenstone launched with Don Wilson, chief executive of Chicago financial firm DRW Holdings LLC, Bala Srinivasan, senior advisor to the president at the University of Chicago, and Andrew Dailey, managing director of MGI Research LLC. Dr. Greenstone is a professor at the University of Chicago and former White House chief economist during the Obama administration.The nonprofit Initiates as investors and companies pour billions of dollars into sustainability-oriented financial products, turning the promise of doing good into potential profit centers for Wall Street firms. It is so far unclear if the suddenly flourishing business of selling environmental investing will continue or if these new products will make an environmental impact.
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