Milkywire Announces Thirteen Finalists For Climate Transformation Fund

Milkywire Announces Thirteen Finalists For Climate Transformation Fund - Carbon Herald

Sweden-based environmental impact platform Milkywire has unveiled thirteen cutting-edge projects selected for its Climate Transformation Fund, marking a significant stride in expanding carbon dioxide removal (CDR) initiatives.

The finalists were chosen from a pool of over 1,000 proposals across the fund’s pillars, with CDR accounting for about a quarter, which underwent a rigorous evaluation process, Milkywire said in a statement Wednesday.

The primary focus of the fund is to support projects within CDR, emission reductions, advocacy, and nature solutions to facilitate global net zero objectives.

With only a fraction of necessary CDR currently being achieved annually, the urgency to explore and implement effective removal technologies is paramount.

Therefore, Milkywire aims to catalyze change by identifying high-impact projects and fostering an ecosystem conducive to innovation.

Relevant: Milkywire Updates Its Guidance On Setting An Internal Carbon Fee

By broadening the scope of partnerships, Milkywire intends to explore diverse CDR approaches, ensuring no potential solution is overlooked.

Among the selected ventures are pioneers in geochemical solutions (Aquarry, Flux, Mati Carbon, Vycarb, Alkali Earth), direct air capture with storage (Gaia Refinery, Yama, Ucaneo, Carbon Atlantis, Holocene), and biochar (Solidaridad/Planboo, Biosorra, PyroCCS).

These partnerships encompass novel methodologies such as utilizing mine pit lakes, biomass removal coupled with DAC, and scalable biochar solutions offering co-benefits to vulnerable farmers.

“We are excited to be the first significant buyer for many of these companies,” Robert Höglund, manager of the Climate Transformation Fund, said in a comment on his LindkedIn profile.

Höglund also emphasized the need for additional support to enable these startups to test and implement their solutions effectively, encouraging interested parties to contribute through pre-purchases or donations.

Backed by companies implementing internal carbon fees, the Climate Transformation Fund continues to expand its impact, with over 30 projects supported worldwide since 2021.

The commitment of companies like Klarna, Spotify, and ING Bank underscores the collective effort towards combating climate change.

Read more: Milkywire Adds Spotify And Klarna To Its Climate Transformation Fund

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