Driving sustainability leadership: key insights from the Climate Transformation Fund progress report 2024

Three years of progress

It’s been three years since we launched the CTF. When we began with Klarna’s support in 2021, we funded 11 projects. Today, we have supported 49 projects, with over $14 million contributed by 22 companies. This growth reflects an increasing recognition of the need for climate action beyond corporate boundaries.

In March 2024, we co-published the Beyond Value Chain Mitigation (BVCM) guidance with Gold Standard, using the CTF as a blueprint for impactful corporate climate support. We also contributed the foreword to the Science-Based Targets initiative's BVCM guide, and are proud to be recognised among the pioneering practical solutions for BVCM implementation. In 2024, we updated our internal carbon fee white paper, offering companies practical recommendations on implementing these fees effectively. 

Our vision for BVCM is to make it standard practice: companies should not only reduce their internal emissions but also support external climate solutions. Every company should allocate resources toward maximising its positive climate impact, even beyond its own operations. Yet, convincing businesses to invest where there’s no immediate obligation remains a challenge. For now, BVCM is primarily embraced by forward thinking companies that prioritise an impact-first approach and want to be best-in-class leaders. 

We’ve seen momentum build in the climate space. Our 2024 call for proposals received over 1,000 applications—far more than in previous years— highlighting the growing number of innovators and project leaders working in carbon removal, decarbonisation, and nature-based solutions.

Supporting catalytic CDR companies

The catalytic effect of our funding is also becoming clearer. New carbon removal methods are being tested, early-stage companies are securing follow-on funding, and policy wins are happening. Our role is to unlock opportunities for lasting climate solutions, which requires patience and a willingness to take risks on projects that may not deliver immediate results but hold the potential for large, long-term impact. 

Progress isn’t always linear. The fight against climate change isn’t won by a single decisive victory; it’s a slow, deliberate effort implemented by many across the different national and social contexts. There are no shortcuts. It’s a battle fought one project at a time— gaining ground, sometimes losing it, but always moving forward. Building carbon removal at scale, replacing 80% of our global energy with clean alternatives, and pulling CO₂ from the atmosphere, while maintaining a climate justice lens is one of the hardest tasks humanity has ever faced. It demands innovation, persistence, and collective action where no one is left behind. 

Sourcing projects for corporate climate action

In the CTF, we get a glimpse of the monumental effort taking place on the ground. We see it in the thousands of people submitting ideas, the scientists developing new solutions, and the communities restoring their ecosystems. Our job is to find projects where our funding can make the biggest difference—not just in the short-term but with an eye toward scaling solutions that can help turn the tide on climate change. 

The value of progress reporting 

Our progress report serves two purposes: to evaluate the progress of the projects we’ve supported to date and to introduce new ones added to the fund in 2024. Our projects vary widely—from direct air capture and biochar to forest conservation and advocacy to phase out fossil fuel. These initiatives are at different stages of maturity and have varying timelines, making it challenging to provide clear, aggregated impact metrics. While it’s tempting to focus on “quick wins,” we recognise that true climate impact is often complex and unfolds over time. 

To accurately capture the full picture, we focus not just on immediate outcomes but also on the long-term potential of each project. This involves evaluating why we funded each initiative, what has been achieved so far, and the role our support has played. Some projects yield quick, measurable results, but many require time to show their full impact. We are continuously refining our methods to ensure we track the real effects of our funding and prioritise the projects with the greatest potential for lasting change. 

As we grow, our focus remains on delivering the most impact per dollar spent, prioritising projects that push boundaries and unlock new opportunities. We aim to be part of the solution—supporting and scaling the ideas that will help bring us closer to global net zero.