A blueprint for credible climate action
The Climate Transformation Fund (CTF) Progress Report 2025 captures five years of collaboration, innovation, and measurable progress toward accelerating global climate targets. Established in 2021 in partnership with pioneering companies such as Klarna, the Fund channels corporate contributions into high-impact initiatives that accelerate breakthrough solutions, empower changemakers, and deliver tangible results for people and the planet.
In this report, you'll find:
A deep dive into the diverse climate solutions we support within the CTF
Expert insights about the opportunities and challenges in scaling various climate solutions
Detailed progress updates from all initiatives supported since 2021-2024
An introduction to the the new projects selected 2025
Financial data on income and payouts to date
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The climate transformation fund in brief
A curated portfolio of high impact projects
Established in 2021 together with Klarna, Milkywire’s Climate Transformation Fund (CTF) enables companies to take responsibility for unabated emissions by financing impactful climate solutions beyond their own value chain. As an alternative to traditional offsetting, the fund positions itself as a best-practice approach to beyond value chain mitigation, focusing on contributions toward global climate goals.
The fund’s overall impact goal is to maximise long-term CO₂ reduction or removal per dollar spent. To achieve this, the fund goes beyond solutions available on the carbon market and supports a diverse set of direct and indirect solutions driving global net zero — including projects with high catalytic potential as well as strong co-benefits for communities and biodiversity.
Words from the fund manager
Five years of turning corporate climate commitments into impact
When we launched the Climate Transformation Fund in 2021, our ambition was not just to support good climate projects, but to create a blueprint for how companies can best contribute to global net zero. That’s why the fund was designed to be broad, covering all types of solutions needed: from protecting and restoring nature, to reducing emissions, to developing and scaling carbon removal.
Five funding allocations, nearly 70 unique projects, and $17 million later, that broad approach has proven both successful and challenging. It has given us a realistic view of how to do catalytic climate finance, and what would be needed to scale the approach.
The results are encouraging. We’re seeing momentum where it matters most — in areas that have struggled to attract traditional finance but are essential for achieving global climate goals. At the same time, this year has reinforced the importance of patience and long-term commitment. Systems change takes time, and progress often comes through learning and iteration.
Robert Höglund
LOOKING AHEAD
A blueprint for optimal climate philanthropy.
After nearly five years, the Climate Transformation Fund is no longer a pilot. It’s a working model for how companies can fund climate action that actually moves the needle. We’ll keep testing, adjusting, and sharing what we learn, so others can build on it and help speed up the global transition to net zero.
We’ve learned that while our mission is to maximize climate impact per dollar, relatively few companies share that mindset. Many still view climate giving symbolically rather than strategically. When most are not giving at all, the question of what is optimal becomes less relevant. But our goal remains to show what optimal climate philanthropy looks like, how to direct limited funds toward the highest possible leverage, and to make that model easier for others to follow.
