Progress Report 2024

Climate Transformation Fund

About the fund

Pioneering climate action

Established in 2021 with Klarna, the Climate Transformation Fund empowers companies to take responsibility for unabated emissions by financing impactful climate solutions beyond their own value chain. Positioned as a best-practice solution for beyond value chain mitigation, the fund drives contributions toward global climate goals through innovative projects.

In our latest report, you’ll find:

A deep dive into the diverse climate solutions we support within the CTF
Expert insights about the opportunities and challenges in scaling various climate solutions
Detailed progress updates from all initiatives supported

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A word from our experts

Since its launch in 2021 with Klarna’s support, the Climate Transformation Fund (CTF) has grown significantly, supporting 49 projects and receiving over $14 million in contributions from 22 companies. This growth highlights the increasing recognition of the need for climate action beyond corporate boundaries. In 2024, Milkywire took a major step forward by co-publishing the Beyond Value Chain Mitigation (BVCM) guidance with Gold Standard, setting a new benchmark for impactful corporate climate action. The fund has also helped companies implement internal carbon fees while advancing carbon removal, decarbonization, and nature-based solutions. Notably, the 2024 call for proposals saw over 1,000 project applications, reflecting the fund’s growing impact.

The Climate Transformation Fund’s mission is to encourage companies to not only focus on internal emissions but also invest in external climate solutions. By supporting forward-thinking projects, the CTF aims to unlock long-term impact through innovation and persistence. The road ahead is challenging, but through collective action and strategic investments, the fund is scaling solutions that will help drive global net-zero goals. Looking forward, the CTF remains committed to funding projects that push boundaries, deliver lasting results, and pave the way for transformative climate solutions.

Robert Höglund & Natalya Yakusheva Jarlebring

Fund managers

Natalya Yakusheva Jarlebring and Robert Höglund

Pioneering Carbon Removal

Driving breakthrough climate innovation

From Direct Air Capture to cutting-edge geochemical methods, the Climate Transformation Fund is pushing the boundaries of what's possible in carbon removal. By supporting these game-changing technologies, we’ve accelerated the journey from concept to reality, enabling solutions that were once considered speculative to take root. Many of these innovations have already gained significant traction, with major government contracts and landmark agreements validating their potential to reshape the future of climate action. This is more than just removing carbon—it's about transforming industries and laying the groundwork for a scalable, sustainable climate solution.

MASH MAKES

Empowering Nature and Communities

Restoring ecosystems through local leadership

Across diverse ecosystems, the Climate Transformation Fund is empowering local communities to protect and restore vital natural carbon sinks. From mangrove forests to indigenous lands, these projects aren't just restoring the environment; they're creating long-term guardianship by giving communities the tools and rights they need to steward their lands. The result? A profound blend of ecological recovery and human resilience, where reforested landscapes stand alongside empowered communities, all working together to sustain both nature and livelihoods. This community-first approach ensures that the benefits extend far beyond the environment, fostering a deeper connection between people and the ecosystems they depend on.

Planète Urgence

Key metrics

Durable carbon removal (CDR)

Decarbonisation

Nature protection and restoration

$14M+

Funding

Over $14 million has been invested in impactful climate projects.

1000+

applications

In 2024, more than 1,000 projects applied to join the CTF.

49

Projects

Since 2021, the fund has supported 49 unique climate projects.

27

CDR Companies

Milkywire has purchased from 27 carbon removal companies across 15 countries.

$6.6M+

CDR Pre-purchases

More than $6.6 million has been committed to carbon removal pre-purchases.

1M+

Hectares protected

Over 1 million hectares of land have gained protection in the past year.

Download previous reports

2023 Progress report 2022 Progress report

Interested in Joining the Climate Transformation Fund?

If you have an innovative project focused on nature protection, decarbonization, or carbon dioxide removal, we’d love to hear from you! While the fund is not currently accepting proposals, you’re welcome to register your interest, and we’ll notify you when the next call for proposals opens in December 2024 for projects joining in 2025. Together, we can support groundbreaking initiatives that drive meaningful progress toward global net-zero emissions.

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