GIF invests in Boomitra, an innovative ‘friend of the earth’
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- เผยแพร่เมื่อ 8 ธ.ค. 2024
- GIF is pleased to announce that we have made a $500k equity investment in a start-up and foster sustainable farming practices. Boomitra, which means “friend of the earth” in Sanskrit, is working to unlock mass carbon removal on a global scale by providing a soil carbon marketplace, powered by AI and remote sensing technology.
Over half of the world’s agricultural land is degraded, leading to reduced crop yields and increased vulnerability to extreme weather events for farmers worldwide. Yet many poor smallholder farmers across the developing world continue to use conventional, soil-degrading chemical fertilisers and pesticides.
Boomitra addresses these challenges by supporting farmers to adopt regenerative approaches, and rewarding them for doing so. Advanced remote sensing and AI technology allows the company to monitor soil’s quality and ability to store carbon over time. From soil improvements, Boomitra creates verified soil carbon credits, which companies and governments are able to purchase via Boomitra’s marketplace platform to offset their emissions.
The majority of revenue generated from the sale of credits goes directly to farmers, providing them with incentive to implement regenerative practices and helping to improve their livelihoods.
GIF’s investment is aimed at supporting Boomitra’s growth, and helping it to maximise its activity and reach with smallholder farmers.