Cleary Gottlieb represented its pro bono client, Climate Vault Inc. (Climate Vault), in its application for recognition of tax exemption under Section 501(c)(3) of the Internal Revenue Code.
Climate Vault, working with companies, tax-exempt organizations, and individuals, plans to reduce carbon emissions through a two-step approach. Climate Vault will first purchase and “vault” carbon pollution permits from government-regulated compliance markets. Because the number of permits is capped, taking them off the market decreases CO2 emissions and provides a quantifiable, verifiable offset. Then, Climate Vault will use the value of the vaulted permits to support cutting-edge technology that permanently removes carbon from the atmosphere, all of which will be evaluated by its tech chamber (an expert board of advisors).
Cleary assisted Climate Vault in its incorporation and its application for recognition of exemption under Section 501(c)(3) of the Internal Revenue Code on Form 1023.