.png)
This week’s spotlight shows the enormous potential for corporations to track their emissions and make voluntary financial contributions to #climate projects. Klarna is a prominent Swedish fintech company that specializes in online financial services. Klarna's Head of Sustainability, Salah Said, emphasizes the company's commitment to carbon dioxide removal (#CDR), and Klarna’s cumulative contributions to CDR initiatives have surpassed $5 million since 2021.
What are Klarna’s #climate commitments?
👏This year, Klarna has committed a total of $2.35 million to fund more than 20 carbon removal projects.
🌱In 2022, Klarna contributed over $2.6 million to the Climate Transformation Fund, established in collaboration with Milkywire and Robert Höglund. This has enabled support for 16 projects, with a focus on six projects dedicated to carbon removal.
💵Klarna has implemented an internal #carbon tax, a unique approach to funding their Climate Transformation Fund. Through this internal carbon tax program, Klarna charges itself a fee for its #emissions, allocating funds directly to support climate projects. Since 2021, this initiative has generated a total of $5.07 million.
What is Klarna’s carbon removals procurement strategy?
🌳Biochar carbon removal (#BCR): Klarna has purchased 3,500 tonnes of BCR from Takachar, a company that specializes in producing #biochar from crop and forest residues.
🏴Bioenergy carbon capture and storage (#BECCS): Klarna invests in companies like Carbon Capture Scotland, a UK-based #CO2 capture and storage firm whose innovative technology captures waste biogenic CO2 from whisky distilleries and stores it via geological storage.
☁️Enhanced rock weathering (#ERW): Klarna supports InPlanet, an ERW startup in Brazil which focuses on spreading silicate rock powders on farms to remove carbon from the atmosphere through effective weathering.
🌊Ocean: Klarna partners with SeaO2, a Dutch company capturing CO2 from seawater, storing it and returning treated water back to the ocean for enhanced carbon sequestration.
🧊Direct Air Capture (#DAC): Klarna makes investments in companies like TerraFixing, a Canadian firm specializing in adsorption-based DAC technology in cold remote locations.
Klarna’s commitments, centred around the Climate Transformation Fund, help to achieve long-term climate impact. Klarna’s portfolio approach, investing in many different CDR methods, is admirable.
📢Shoutout to the people at Klarna leading these efforts, including Shulin Chang and Alexandra Colac
What do you think about Klarna’s climate commitments? What can other companies learn from its CDR purchases?
Comments