![]() ![]() This continent has the research, innovation and political awareness to lead the world in the fight against climate change. Each company World Fund backs will need to be able to demonstrate it has the potential to reduce greenhouse gas emissions by at least 100 megatonnes of CO2 every year, said the firm, as “only companies enabling a decarbonized world can become the most valuable companies of the next decade.”ĭanijel Višević, general partner, World Fund said: “Europe urgently needs to stop continuing business as usual, relying on the continued use of fossil fuels. Key to this is using what it calls the Climate Performance Potential (CPP) as a key leading indicator for funding. This is pretty good for one single firm, although the scale of the issue is enormous, with the world’s emissions needing to be halved by 2030 for the planet to have a chance of escaping 1.5 degrees warming. World Fund says its mission will be to save 2 gigatons of emissions by 2040 - the equivalent to 4% of all global emissions. Cities consume over two-thirds of the world’s energy and account for more than 70% of global CO2 emissions. As we’ve seen, the built environment is a huge contributor to CO2. Incubated by Ecosia, the fund will focus on energy, transport, food and agriculture, manufacturing and buildings. How did they build that size of a fund that fast? Well, it contains over 60 investors including current and former European tech founders, but also very few institutional LPs, hence why it could raise in such a relatively short time. World Fund claims it’s Europe’s largest dedicated climate tech VC. So today, World Fund, a new climate tech VC, is launching with a €350 million fund targeting startups building technology that can help decarbonize the planet. In March 2020, just before the world started to close down amid the pandemic, that network got together and decided enough was enough: a new VC fund was needed to tackle the climate crisis in a different way. Ecosia’s founders and the network around it are far more serious about climate change than that superficial assessment might suggest. You might have previously thought that Ecosia was a nice-to-have search engine that planted trees when you punched-in a search term. ![]()
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