Clean Energy Ventures (CEV) has recently partnered with Klimate as part of the firm’s long-term Carbon Dioxide Removal (CDR) commitment to advance climate solutions. The partnership includes the purchase of high-quality carbon credits to remove all scope 1 to 3 emissions from 2023 through 2028, excluding financed emissions.
With a total portfolio of 30 companies across North America, Europe, and Israel, CEV is one of the leading climate tech venture capital firms investing in early-stage cutting-edge climate technologies and impact-driven founders. Since the firm’s founding, CEV has been funding value-added approaches which can enable the decarbonization of major industries and now is turning to addressing its own carbon footprint.
Venture capital firms have the opportunity to play a distinct role in shaping the values of the broader climate tech ecosystem. A remote-first organization, CEV first began measuring its own GHG emissions in 2023, calculating the impact of the firm’s energy usage, travel, and other operations. As the firm continues to grow, CEV believes it is vital to remedy internal emissions while continuing to catalyze the adoption of carbon removal technologies in the areas needed most.
“We’re thrilled to partner with CEV for their 5-year CDR strategy. By looking ahead and signing off-takes with our suppliers, CEV shows how to act proactively to address the urgency of scaling and developing carbon removal solutions to fight the climate crisis,” said Simon Bager, PhD, Chief Impact Officer at Klimate.
Distinct from legacy offsetting credits, carbon removal involves a mix of methods that actively sequester carbon from the atmosphere and safely store it for extended periods from decades to centuries. The partnership with Klimate will advance CEV’s investments in a diverse portfolio of high-quality carbon removal projects, selecting methods that will have material climate impact and long-lasting permanence such as direct air capture, bio-oil, and biochar.
To ensure each project meets the highest quality standards and prioritizes impact and integrity, these projects underwent rigorous analysis of their permanence and credibility using third-party verifications and Klimate’s proprietary evaluation process. The process considered more than 301 distinct data points aimed at assessing the quality, risk, and other facets of each project. CEV’s portfolio approach allows for a diverse mix of carbon removal projects and technologies delivering substantial social and environmental co-benefits.
“On our mission to mitigate the climate crisis, it’s vital that we mind our own emissions and look for creative ways to catalyze climate technologies outside of our direct investment activities,” said Saurabh Kumar, Impact Manager at Clean Energy Ventures. “With Klimate’s highly knowledgeable team and comprehensive offering, we look forward to launching this initiative, a first-of-its-kind among the venture community.”
Klimate is a Copenhagen-based start-up helping responsible companies secure access to high-quality, science-backed, and vetted carbon removal solutions necessary to make a dent in the climate challenge. For more information, visit Klimate.co.
