👉 Since 2021, Future Energy Ventures have been measuring and offsetting our own GHG emissions, and we were among early supporters of Leaders for Climate Action. Today, we are happy to announce two key developments in our climate efforts:
1. We have placed an internal carbon fee on our Scope 1, 2 and business travel (scope 3) of $100/ton. The fee for our remaining scope 3 is $10/ton.
2. Instead of offsetting via carbon credits, we have made contributions equal to the internal fee from 2022 and 2023 to the Milkywire Climate Transformation Fund. This fund aims to maximise long-term CO2 reduction or removal per dollar spent.
Where does the money go? The Fund has three pillars:
✅ Protecting and restoring nature, through organisations like Plant With Purpose, Takachar and Landesa,
✅ Decarbonization through renewable energy and advocacy, e.g. New Energy Nexus, and Human Rights Watch's work to stop a new 700MW coal power plant
✅ Catalytic capital for emerging, durable carbon removal projects, including DAC by e.g. Heirloom and TerraFixing, ocean CO2 removal by SeaO2 enhanced weathering by InPlanet and more.
⚡️With our contributions to this fund, we are joining like-minded VCs like Planet A Ventures, Atomico, and Northzone, and companies like Spotify, Klarna, and PANGAIA, among others.
🌱 We are moving beyond offsetting and “neutrality” claims, and towards contributing to a global net zero because we want our capital to support solutions with the most significant future potential. We hope this donation will contribute far beyond the Future Energy Ventures footprint.
🛠 Finally, innovation, and a portfolio approach to solutions is key to mitigating climate change. This approach allows us to support different climate solutions from those the Future Energy Ventures Fund directly invests in 🙏
👋 Is this the one-and-only perfect approach? Of course not. Would be great to hear about approaches that differ from ours to keep challenging best practices. Moreover, I would love to chat with any VC embarking on climate efforts internally or for their portfolio, so ping me if you want to chat! 🙋🏼♀️
#globalnetzero #climateaction #carbondioxideremoval #climatetech
Well done Schneider! Ready to make an impact over here in the German energy market⚡ Thanks for the mention Jonathan Hennessy