23.10.23 - STOCKHOLM: Today, Milkywire, an environmental impact platform, released its second progress report for the Climate Transformation Fund (CTF), a ‘beyond value chain mitigation’ fund set up as a blueprint for corporate actions in achieving net zero target. The report provides a progress update on the projects supported to date and introduces the ones that will receive support in 2023.
From its start in 2021, the CTF has allocated over $8 million to projects selected by the fund, reaching 30 initiatives in over 20 countries. The CTF is currently supported by 15 corporate partners joined in financing solutions needed to reach global net zero.
Highlights from the projects the CTF supports include: Advocacy for decarbonization: Human Rights Watch conducted successful advocacy meetings with officials in Bosnia and Herzegovina, culminating in the suspension of the issuance of a permit required for a new 700MW coal-fired power plant, and the adoption of a series of laws on renewable energy that will facilitate a quicker transition away from coal.
Catalyzing carbon removal: The fund was early buyers from the Direct air capture companies Heirloom and Climeworks. They were two out of three DACs companies selected for the U.S. Department of Energy Regional Direct Air Capture Hubs program. The three projects will together be rewarded with up to $1.2 billion and have the capacity to remove 2 million tonnes per year.
Restoring and protecting nature: Thanks to the funds support to Justdiggit, 20,000 trees have been restored by local farmers in the Singida region, projected to store 4,258 tonnes of CO2 over the next 20 years. The NGO Warsi has helped indigenous groups in Indonesia get forestry licenses for 40,000 hectares. By reducing deforestation in the area, 200,000 tonnes of CO₂ could be avoided every year.
Robert Höglund, Fund Manager at Milkywire, said: “The fund is set up as a new way for companies to take responsibility for climate action, focusing on all the solutions needed for reaching our global climate targets. We are happy with the progress the projects selected have made so far, and are continuing to evolve the concept as we grow”.
For more details on the Climate Transformation Fund's work and updates, the 2023 Progress Report is available here.
Nature Protection and Restoration: This section covers efforts to maintain carbon-rich ecosystems and restore areas impacted by degradation. The goal is to mitigate greenhouse gas emissions while supporting biodiversity and local communities.
Decarbonization: The fund continues its work to promote a low-carbon economy. This involves supporting projects that influence policy, advocate for clean energy, and encourage the adoption of sustainable technologies.
Carbon Dioxide Removal: CTF supports methods and tools that aim to remove carbon dioxide from the atmosphere. This includes both new technologies and the improvement of existing methods.
A new call for proposals for projects within the three categories is planned to be opened at the end of the year. Interested organizations can sign up for more information at https://www.milkywire.com/open-call-ctf-2023
About The Climate Transformation Fund:
Companies donate to The Climate Transformation Fund, which supports decarbonization, nature protection and restoration, and carbon removal with grants or pre-purchases of carbon removal certificates. The fund's overall impact goal is to achieve the maximum long-term CO₂ reduction or removal per dollar spent. The charitable fund was set up in 2021 and has supported 30 projects so far. Donations to and from the fund are managed by the charitable WRLD Foundation.