The Carbon Mitigation Initiative began officially in January 2001 and moved into its new space in September. Its budget is $1.5 million per year from BP and $0.5 million per year from Ford. The Princeton team wrote a proposal in the Spring of 2000, and news of the award came in the summer of 2000. BP allocated an initial fund of $100,000 in October 2000. A kickoff meeting was held in Princeton in December 2000.