Milkywire and Salesforce partner to enhance carbon dioxide removal technologies
A $5 million partnership aims to strengthen the growth of innovative carbon dioxide removal technologies, reflecting a mutual commitment to climate solutions.
Milkywire, a prominent entity in the climate action sector, has recently established a significant partnership with Salesforce through a prepurchase agreement worth $5 million. This investment aims to bolster the growth of durable carbon dioxide removal (CDR) technologies, reflecting a shared commitment between the two companies to advance innovation in climate solutions.
The agreement is part of Salesforce's broader initiative, aligning with their ambitious pledge of $100 million through the CDR First Movers Coalition. The partnership exemplifies a proactive step towards addressing the urgent need for early-stage funding in the carbon removal sector, an area often under-resourced despite its critical importance in combating climate change.
The Climate Transformation Fund, initiated by Milkywire, has been instrumental in providing essential financial backing to 27 carbon removal suppliers across nine distinct CDR technologies. The fund operates on a global scale, engaging with projects in 15 different countries, and has garnered support from notable industry figures, including Klarna, Spotify, and ING Bank. This collaborative effort aims to stimulate the development of innovative carbon removal companies and emerging technologies.
Salesforce's investment will facilitate the exploration and maturation of various carbon removal strategies, such as direct air capture, biomass, and ocean-based methods. Milkywire is set to enhance its pursuit of projects needing support, with its annual call for durable CDR proposals scheduled to commence in mid-December. This initiative follows a highly competitive selection process last year, during which the fund vetted over 230 proposals and ultimately backed 13 new projects.
Jamila Yamani, Salesforce's Director of Climate & Energy, emphasised the company's proactive approach, stating, “Just as we empower our customers with agents through Agentforce to drive change and innovate, we’re also accelerating early-stage carbon removal solutions to drive meaningful climate action.” She further noted, “Through our collaboration with Milkywire, we’re building the foundation to scale innovative carbon removal solutions to commercial viability while delivering co-benefits that support both people and the planet."
This partnership not only spotlights the financial commitment of major corporations towards sustainable initiatives but also highlights the vital role of early-stage investments in paving the way for breakthroughs in carbon removal technology. As both entities embark on this collaboration, the anticipation remains high for the outcomes of the forthcoming proposals, indicating a persistent push towards environmental progress through cutting-edge solutions.
Source: Noah Wire Services