14.04.23 - STOCKHOLM: Today, environmental impact platform, Milkywire (www.milkywire.com), announces that its ‘beyond-offsetting’ charitable fund - Climate Transformation Fund - receives another major boost as several of Nordic’s leading tech companies, including Spotify, Klarna, Avanza, Northzone, Mentimeter have committed to donate to the initiative. Other companies supporting the fund so far in 2023 are BioGaia, PANGAIA, Wastebox, Steamery and Unbound Summits.
The Climate Transformation Fund - expertly curated by Milkywire - offers companies an alternative to traditional carbon offsetting through financing impactful and sustainable solutions needed to reach global climate targets, supporting organizations within three pillars: durable carbon removal, nature restoration & protection, and decarbonisation.
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 17 projects so far, such as Heirloom (www.heirloomcarbon.com), a direct air capture company, Human Rights Watch’s (www.hrw.org) work to phase out coal, and Warsi (warsi.or.id), a grassroots organization working in forest protection.
Most of the companies donating to the fund have, or are in the process of implementing an internal carbon fee to generate funds for climate projects. According to Milkywire’s recently-published white paper, companies are advised to set internal carbon fees by implementing a fee that covers the full cost of their emissions. Klarna, for example, has set a $100 fee for Scope 1 (direct emissions), 2 (indirect emissions), and travel emissions plus $10 for the rest of scope 3. This resulted in $2,35 million to support climate projects in 2022 and a total of $5.07 million since 2020. Mentimeter, with a smaller footprint, has decided to implement a $100 fee on emissions across all scopes, resulting in a $90,800 USD donation.
Nina Siemiatkowski, CEO and founder of Milkywire, comments: As the urgency for climate action grows, we have seen many companies invest in climate offsetting schemes that do not provide a meaningful impact on our planet. The Climate Transformation Fund was created to offer a pioneering solution for companies seeking to maximize their impact towards decarbonization. Internal carbon fees are a powerful way for companies to take responsibility for their emissions. By focusing on the climate impact of contributions rather than on making claims of carbon neutrality, we can support the solutions most needed to reach global net zero. These include methods ranging from nascent technologies for carbon removal to effective advocacy projects pushing for emission reductions.”
Salah Said, Head of Sustainability at Klarna comments: “It has never been more urgent for companies to take action to mitigate against climate impact. Milkywire’s Climate Transformation Fund has proven to pave the way for real change in decarbonising our planet, and we are proud to be a significant contributor to the projects involved. At Klarna, we are constantly seeking new and innovative ways to protect our planet and encourage other major companies to follow suit.”
Anna Skarborg, Head of Impact and Sustainability at Northzone, comments: "We believe collaboration and innovation to be key drivers for meaningful climate action. This is why we are excited to contribute to Milkywire's Climate Transformation Fund. By working alongside leading global companies in supporting high-impact climate solutions that go beyond traditional offsetting we hope to raise the bar for corporate climate action and to accelerate our transition to a net-zero society.”
Milkywire is also setting up new ways for companies to collaborate that want to implement internal carbon fees and support high-impact climate solutions. Milkywire will create knowledge-sharing spaces within which companies can recommend best practices on external impact, as well as how companies can contribute beyond financing, such as by engaging customers, partners and employees. Milkywire is supported in this by management consulting firm Boston Consulting Group (BCG) and the carbon management platform Sweep. The approach for The Climate Transformation Fund is inspired by the WWF/BCG Corporate Climate Mitigation Blueprint, which mandates companies to measure, reduce and price their emissions, and use the funds to unlock climate solutions.
Solving the climate and broader planetary crisis requires new solutions and new collaborations - across companies, sectors and beyond. That is why we are excited to support this initiative.Together we can learn from each other, leverage talent across our companies and find the best ways to global net-zero”, says Thomas Jensen, head of BCG in the Nordics.
“With this collaboration, we hope to provide companies with a platform to collaborate and share their knowledge and expertise,” says Nina Siemiatkowski, Founder and CEO of Milkywire. “The generous support of these companies demonstrates their understanding of the need for systemic change in the fight against climate change. By working together, we can accelerate the pace of decarbonisation and make a real difference in the fight against climate change.”
About the Climate Transformation Fund
Companies donate to The Climate Transformation Fund, which supports decarbonisation, nature protection, 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 17 projects so far. The fund is expected to support about a dozen additional organizations in 2023. Donations to and from the fund are managed by the charitable WRLD Foundation.
Milkywire, founded in 2018, is a planet health-tech platform that enables companies to fund trusted environmental organizations. Through digital tools and an engaging feedback model, Milkywire helps fund a wide spectrum of initiatives, from in-the-field nature restoration and species preservation to cutting-edge carbon removal research, enabling corporations to make a positive planetary impact.
For questions from the media contact Jenny Wessberg, +46 703782685, firstname.lastname@example.org