New Delhi, August 23, 2022 — Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, and Climate Vault, an award-winning non-profit founded at the University of Chicago today announced they are combining Genpact’s technology and digital transformation expertise with Climate Vault’s quantifiable, integrated approach to carbon reduction and removal. This partnership will address an urgent need for climate action and empower more organizations to accelerate their journeys to carbon neutrality.
Despite unprecedented demand among business leaders, consumers, and investors for carbon-neutral products and services, the market lacks a matching supply of credible, effective solutions to achieve those objectives. Climate Vault is the world’s first, verifiable, and integrated solution that enables organizations to not only reduce carbon effectively, but also remove carbon from the atmosphere – all in a fast, easy, and credible way. Founded by business leaders and Milton Friedman distinguished service professor of economics at the University of Chicago and former White House economic advisor, Michael Greenstone, Climate Vault’s market-based solution is uniquely designed for climate-conscious organizations.
In this innovative collaboration, Climate Vault will embed Genpact’s digital technologies and process expertise to boost its carbon reduction and removal solution. Through the Genpact-Climate Vault partnership, companies will gain wider access to carbon reduction from regulated carbon compliance markets with accurate, dynamic, real-time pricing, enabling greater access at scale to industry-leading and independently verified carbon removal programs. By leveraging Climate Vault’s carbon reduction solution, organizations will automatically gain access to the limited supply of carbon removal technologies, providing an immediate and transformative impact.
“Climate change is an existential global crisis, and at its core, it is a data and transformation challenge. Leveraging digital technologies and data to build a frictionless platform for carbon reduction and removal is key to advancing the sustainability agenda at scale,” said Sanjay Srivastava, chief digital strategist, Genpact. “Our partnership reflects Genpact’s commitment to social impact and climate action. With our experience and expertise in digital transformation, we bring the talent and technology Climate Vault needs to offer more organizations a smoother path toward carbon neutrality.”
Climate Vault is a high-growth 501(c) (3) start-up. It is a breakthrough solution that has driven significant impact since its inception in 2021 and is poised for scaling. In just over a year, the company has reduced 0.75 million metric tons of carbon emissions, the equivalent of preventing 72,000 cars from driving around the planet.
“Organizations face mounting pressure from customers, employees, investors, and regulators to take credible climate action,” said Michael Greenstone, co-founder of Climate Vault, Milton Friedman distinguished service professor of economics at the University of Chicago, and former White House senior economic advisor. “This is the perfect moment to partner with Genpact with its world-class digital transformation capabilities. Together we will dramatically expand the reach, speed, and impact of our unique carbon reduction and removal solution, helping to slow and even reverse climate change.”
Genpact continues to further its purpose, the relentless pursuit of a world that works better for people, by leveraging its expertise towards addressing societal issues. From helping tackle food insecurity to partnering with Formula E team Envision Racing to win races and remain carbon neutral, the company provides the digital and process expertise needed to address the world’s most pressing issues.