Underscoring the impact of sustainable ag? Climate tech company scoops TIME100 honour

By Oliver Morrison

- Last updated on GMT

A Boomitra carbon farmer
A Boomitra carbon farmer

Related tags regenerative agriculture carbon credits

Climate tech company Boomitra – which has created a marketplace that monetises soil carbon sequestration, allowing farmers to get paid for implementing climate-friendly agricultural methods – is celebrating after being included in the TIME100 Most Influential Companies list for 2024.

Using satellite imagery and AI technology to measure and monitor the amount of carbon sequestered in agricultural soils over time, Boomitra works with over 150,000 farmers and ranchers managing five million acres of land across Africa, South America, and Asia to implement regenerative agriculture practices.

Farmers and ranchers implement sustainable land management techniques such as rotational grazing, cover cropping, and reduced tillage that promote soil carbon storage. For every ton of carbon dioxide removed from the atmosphere and stored in their soils, farmers earn carbon credits that Boomitra sells to companies and organisations looking to offset their emissions.

Most of the revenue from each carbon credit sale (typically around 70%) goes directly to the farmers and landowners as a financial incentive.

Boomitra partners with NGOs, governments, and agribusinesses to provide training to farmers on regenerative practices that increase soil carbon.

In addition to earning carbon credits, these practices improve soil health, water retention, crop yields, and biodiversity on farmlands

Boomitra, a previous winner of the Earthshot Prize in the ‘Fix Our Climate”’ category, claims it has successfully removed 10 million tons of carbon from the atmosphere to date.

By introducing regenerative agriculture practices and providing access to carbon finance, Boomitra claims it empowers these farmers to build soil health and draw down carbon. This approach enables farmers to improve crop yields and enhance food security, creating communities better equipped to confront tomorrow’s challenges with resilience and hope. Boomitra's reach extends from the Ejidos (community lands) in Mexico’s Chihuahua and Sonoran Deserts, across the expansive Pampas grasslands, to the Masai Mara in Kenya, and smallholder farms throughout India.

“Effective climate action requires prioritizing those most profoundly affected – communities in the Global South,” said Aadith Moorthy, Boomitra founder and CEO. “It’s not just about technological innovation; it’s about fostering climate solutions that resonate with the heartbeat of our global community. We are deeply honored and grateful to be recognized by TIME as one of the 100 Most Influential Companies. This acknowledgment underscores the impact of our collective efforts and inspires us to continue driving meaningful change.”

New partnership with DP World 

Boomitra also announced that global logistic giant DP World has purchased soil carbon removal credits from three of its carbon sequestration projects, aiding farmers and ranchers across the Global South in adopting regenerative agriculture practices to drive soil recarbonization.

The purchase of these carbon credits will support three of Boomitra’s projects including grassland restoration projects in Mexico, Argentina, Brazil, Paraguay, and Uruguay and India.

Moorthy, said: “DP World’s investment will help farmers and ranchers increase carbon drawdown leading to enhanced crop yields, improved food security, and additional income through carbon credits.”
Sultan Ahmed bin Sulayem, DP World’s group chairman and CEO said the move will help its business and its customers reach their respective carbon reduction goals.

Introducing regenerative agriculture and carbon finance in Mongolia

Two further agreements – one with the Mongolia Ministry of Environment and Tourism and another with Mitsubishi Corporation – aim to make Mongolia one of the world's largest compliance carbon removal projects.

The collaboration with the Mongolian Ministry of Environment and Tourism aims to introduce regenerative agriculture practices to farmers and herders across three million acres in Mongolia, with the potential to reach 20 million acres by 2030. The project is estimated to initially remove nearly 1.3 million tonnes of CO2 from the atmosphere annually.

Boomitra separately signed a Memorandum of Understanding with Mitsubishi Corporation to jointly conduct feasibility studies to develop a regenerative agriculture project in Mongolia under the Joint Crediting Mechanism of Japan.

The Joint Crediting Mechanism (JCM) is a bilateral cooperation mechanism between Japan and partner countries to implement projects that reduce or remove greenhouse gas emissions. It encourages collaborative projects that contribute to sustainable development and environmental benefits. As of May 2024, Japan has signed bilateral agreements with 29 countries, including Mongolia.

"Through this partnership, Mongolia is taking a significant step towards achieving our climate goals while also promoting sustainable agricultural practices and increasing the income of herders. We believe that regenerative agriculture and carbon finance initiatives will help empower Mongolian herders to build climate-resilient livelihoods and communities," said Bat-Erdene Bat-Ulzii, the Minister of Environment and Tourism for Mongolia.

Mongolia's vast grasslands and rich nomadic herding traditions, coupled with its vulnerability to desertification, drought, and extreme weather events, make it an ideal location for developing regenerative agriculture projects, Boomitra said. In regions prone to natural disasters like the Dzud – characterised by hot summers and extremely cold winters, which led to the loss of over five million animals in the winter of 2023-2024 – carbon credit revenue can provide financial support for farmers and herders to build climate resilience.

Through regenerative agriculture, the project aims to improve soil health, vegetation cover, and water infiltration to prevent desertification and drought.  Boomitra will measure the additional carbon sequestered in the soil. Mongolian farmers and herders who participate in these projects will receive part of the revenue generated from the sale of the carbon credits that they can reinvest in their lands and communities.

"We are excited to introduce regenerative agriculture projects and access to carbon finance in Mongolia," said Aadith Moorthy, founder and CEO of Boomitra. "As one of the largest soil carbon project developers in the Global South, we’re committed to forging innovative partnerships that catalyse gigaton-scale climate solutions. As we head towards our goal of gigaton-scale carbon removal by 2030, compliance markets will play a key role, and we hope for our Mongolia project to become one of the largest compliance carbon removal projects in the world. Through our track record as a proven project developer, and our AI-powered technology, we’re driving tangible progress towards a sustainable future.”

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