By 2025, a global marketplace for soil carbon, developed by an entrepreneur from Karnataka Boomitra, would provide USD 200 million in carbon finance to farmers and ranchers in developing nations to boost the adoption of climate-smart agriculture.
At the recently finished Agriculture Innovation Mission for Climate (AIM for Climate) Summit in Washington, DC, hosted by the United States, Boomitra founder Aadith Moorthy gave a speech.
The Summit, sponsored by the Foundation for Food and Agriculture Research (FFAR), intends to bring together partners to expand and accelerate investment in and support agriculture and food system innovation for climate change.
Moorthy emphasised how farmers may use their actions to unlock soil’s potential as a “powerful carbon sink, enabling them to participate in carbon markets and increase their resilience to rising temperatures.”
According to a news release from Aim for Climate, Boomitra will provide 200 million USD in carbon finance to farmers and ranchers in poor countries by 2025 with the goal of boosting the implementation of climate-smart agriculture.
In order to conduct initiatives that raise soil carbon and enable gigaton-scale carbon removal, the effort will make use of Boomitra’s unique AI and remote sensing technologies as well as the assistance of international partners.
The additional expenditure of USD 200 million is planned to remove 13 million metric tonnes of carbon over an area of 5 million acres.
Boomitra provides carbon credits to businesses and governments all across the world, enabling them to achieve their sustainability objectives, according to the company’s website.
The majority of the money made from the sale of each carbon credit goes directly to the farmers, who may then reinvest it in their businesses and the communities where they live. With more than 5 million acres presently under management, Boomitra is assisting farmers in accelerating gigaton-scale carbon reduction while enabling them to produce more with less.
“For us at Boomitra, our objective is to work with hundreds of millions of acres by 2030 on a gigaton scale. In order to get there, we have a plan. To help us attain that gigaton size, Moorthy stated, “We invite everyone to collaborate with us, join us, and partner with us.
Moorthy claims that Boomitra works with ranchers and farmers all over the world to encourage them to use more effective farming practices that increase soil carbon levels. After being quantified by satellites and artificial intelligence, these increases in soil carbon are then converted into third-party-verified carbon removal credits, which are recognised internationally.
Boomitra works with five million acres worldwide and more than 150,000 farmers, of whom 100,000 are spread throughout 15 states in India. This figure will rise over the course of the upcoming year.
Tom Vilsack, the US secretary of agriculture, revealed that global AIM for Climate partners are increasing funding and assistance for the development of climate-smart agriculture and food systems.
In order to further its goal of significantly increasing funding for and support for innovations in climate-smart agriculture and food systems from 2021 to 2025 and to combat crises like world hunger, food insecurity, and climate change, AIM for Climate has announced three new government partners: India, Panama, and Paraguay.
One of the main strategic pillars of the United Arab Emirates National Food Security Strategy 2051, according to Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment of the UAE, is enhancing regional and global food security through innovative and sustainable technology.
