- Announcement brings Klarna's total investment in climate
projects to $7m since 2021
- 13 new impact-led carbon removal innovators
selected to receive funding
- Announcement comes as Klarna decreases its own absolute
emissions by 25% in 2023
- Doubles its internal carbon tax to $200x per ton
of CO2e for scope 1 & 2 emission
LONDON,
May 1,
2024 /PRNewswire/ -- Klarna, the AI powered
global payments network and shopping assistant, has announced a
further $2M worth of funding as part
of its Climate Transformation Fund in collaboration with Milkywire.
The charitable fund, which enables companies to invest in impactful
climate solutions, was launched in 2021. To date Klarna has
contributed $7m to climate projects
and by the end of 2024 will support over 45 organizations tackling
the climate crisis.
Klarna calculates the amount to be contributed
each year by applying a `carbon tax' to its annual greenhouse gas
(GHG) emissions. Instead of purchasing carbon offsets to make
carbon neutrality claims, Klarna puts this money into
impact-focused climate solutions to help mitigate the negative
impacts of the climate crisis. As Klarna continues to pursue best
practice with its climate action approach, it is doubling the rate
of its carbon tax to $200 per ton of
CO2e for scope 1 & 2 emissions starting in 2024.
Alexander
Farsan, Head of Climate and Environment at
Klarna, said, "We continue to innovate in our
funding models and have doubled the topline rate of our internal
carbon tax. Since 2021, Klarna has committed $7 million in impact-focussed projects that
otherwise may have fallen through the cracks of the voluntary
carbon market. We're super excited to support 13 new carbon removal
innovators from across the globe with funding in the year
ahead".
Unveiled today at the Innovation Zero Conference
in London are the 13 start-ups
deploying a diverse range of promising approaches to remove CO2
from the atmosphere. Among the organizations are:
- Aquarry, a US-based start-up repurposing flooded mining
facilities for carbon capture by adjusting their alkalinity.
- Ucaneo, a Germany-based
company capturing carbon from the air by combining solvents with
biocatalytic properties and electrochemistry.
- BIOSORRA, a Kenya-based
organization enabling sustainable agriculture in the Global South
by taking a community-led approach to transforming crop waste into
biochar and permanently storing CO2 in the soil.
Klarna is one of the first companies in the world
to implement a climate strategy that is aligned with the 'Beyond
Value Chain Mitigation' guidance from the Science Based Targets
initiative, which provides a framework for companies to credibly
finance climate solutions in addition to reducing their own GHG
emissions. Klarna's funding for climate solutions comes on the back
of reducing its own absolute emissions by 25% in 2023.
A full list of the carbon removal companies supported can be
found here
https://www.klarna.com/international/sustainability/climate-solutions/.
Contact:
John Craske
Press@Klarna.com
+44 7773 653 438
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SOURCE Klarna Bank AB (publ)