Milkywire – the philanthropic impact fund supporting high-quality projects reducing and removing emissions while also bringing positive change around the world, announced on December 21st that it opened the 2024 Call for Proposals from high impact projects for its Climate Transformation Fund. The deadline for applications is January 21st, 2024.
Founded in 2021, Milkywire’s Climate Transformation Fund is looking to fund areas in climate change mitigation with the goal to achieve the maximum long-term CO2 reduction or removal per dollar spent. So far, it has supported over 120 projects with total contributions from corporate partners in access of $30 million.
The main areas of focus are three: Durable Carbon Removal, Nature Restoration & Protection, and Emission reductions. One of the key requirements highlighted for projects is that their deployment does not cause harm to people or local ecosystems. Priority is also given to those initiatives that create benefits for people in poverty and help ecosystems in other ways beyond carbon sequestration.
While many climate change solutions like renewables are being deployed quickly due to economic forces, others are nascent and would not still happen on their own. Carbon removals or supporting non profit groups trying to create policy change are some examples of such inititives that need financial support now to scale up and increase their impact.
The Climate Transformation Fund aims to support projects that will not happen without this critical funding. The goal is also for the purchase of removal certificates to potentially lead to larger growth of the method beyond the tonnes that are being purchased.
Grants are given for selected projects to make prepurchases of the carbon dioxide removals they will generate. Some of the projects previously supported in the past are Heirloom, Clean Air Task Force, Justdiggit, Octavia Carbon, KKI WARSI, New Energy Nexus, Industrious Labs, MASH Makes (and 22 others).
According to the announcement of the call for proposals, $5 million were allocated last year to the winning initiatives. The charitable fund is supported by a long list of donors like Klarna, Spotify, ING, Avanza Bank, Mentimeter, BioGaia AB, Planet A Ventures, PANGAIA, Northzone, Steamery, Unbound Summits and more.