Releaf Earth lands first carbon credit buyer through Milkywire’s climate fund
The Nigerian startup was picked from a pool of 280 global projects, marking a major step in Africa’s carbon market participation.
NIGERIA – Releaf Earth, a climate technology startup based in Nigeria, has secured its first carbon credit buyer just one month after launching its removal operations.
The buyer is Milkywire’s Climate Transformation Fund, which selected Releaf Earth from a list of 280 projects around the world.
The Fund, supported by companies like Klarna ($25 million), Salesforce ($5 million), and Spotify (US$5 million), chose only 18 projects for its current funding round. That’s just 6 percent of those considered.
Milkywire described Releaf Earth’s proposal as one of the “most promising and catalytic,” praising the startup’s early progress and ability to grow.
The funding will support Releaf Earth’s carbon dioxide removal work in Nigeria and help local food processors adopt biochar production. This model has been under development by the startup for the last six months.
“This is a huge milestone, and a testament to the hard work and dedication of our team,” Releaf Earth said in an official statement.
Releaf Earth, which is also an alumnus of Y Combinator (YC W19), focuses on carbon removal through biochar.
The company uses waste from food processing to produce the biochar, which traps carbon and can improve soil quality. By building on this method, Releaf Earth hopes to help more processors take up this approach and expand climate-positive practices across the region.
Industry watchers see this early win as a sign that African startups can take part in global carbon credit markets. The company says it will keep scaling its platform, improving its technology, and working with partners to deliver measurable results.
Releaf Earth also plans to share progress updates in the coming months.
A global market in transition
The carbon credit market is going through major changes worldwide. Article 6.4 of the Paris Agreement has come into effect, creating a path for countries and companies to trade carbon credits with higher trust.
The European Union has now included aviation and shipping in its trading system, and carbon prices remain a key signal for business and investment.
China’s national trading system, which now covers 60 percent of the country’s emissions, has hit new records. South Korea and Vietnam are also increasing the scope of their trading programs.
Bank of America Global Research and McKinsey Sustainability Reports show that the global carbon market has reached US$1.12 trillion in 2025 and could grow to US$2.5 trillion by 2032. Already, World Bank’s state and trends of carbon pricing 2024 reveals that a US$104 billion in revenue has come from carbon pricing mechanisms. Experts expect demand for carbon credit retirements to increase, especially for credits tied to actual removal of carbon from the air.
Technology leaders are now backing nature-based removal credits, with groups like the Symbiosis Coalition gaining support.
With policy tools such as the Carbon Border Adjustment Mechanism taking shape, global coverage could reach 40 percent of all emissions by 2030.
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