GIF invests $500K in innovative ‘friend of the earth’.

GIF is pleased to announce that we have made a $500k equity investment in a start-up promoting and incentivising sustainable farming practices. Boomitra, which means “friend of the earth” in Sanskrit, is working to unlock carbon removal on a global scale by developing large-scale soil carbon projects across the Global South, 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 marginalised smallholder farmers across the developing world continue to use conventional practices, and soil-degrading chemical fertilisers and pesticides. 

A more regenerative approach to agriculture, focusing on soil health, can help to revitalise degraded land, and also enables the capturing and storing of carbon in the soil, helping to mitigate the impacts of climate change.

However, smallholder farmers have been slow to transition towards regenerative practices because of lack of awareness and training, and higher upfront costs. 

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 quality and its ability to store carbon over time. Boomitra measures soil carbon sequestration improvements and creates verified soil carbon credits, which companies and governments are able to purchase from Boomitra 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. Increased crop yields also help to foster farmers’ climate resilience by building up their ability to withstand future climate shocks.

GIF’s investment is aimed at supporting Boomitra’s growth, and helping it to maximise its activity and reach with smallholder farmers. With GIF’s support, the company’s model is expected to have an outsized impact on the farmers it reaches, as well as contributing to crucial climate mitigation efforts.