Bolt, one of the leading on-demand transportation platforms in Europe and Africa has launched a dedicated environmental impact fund with a seed capital of €10 million aimed at initiatives which deliver global social and environmental benefits.
Bolt’s environmental impact fund forms part of the company’s wider environmental strategy known as ‘the Green Plan’. The strategy focuses on a long-term commitment to reduce the ecological footprint of the company.
The fund will support M-KOPA, a company that is helping families in Kenya, Uganda and Tanzania switch from high-cost kerosene to affordable and renewable solar power for covering their households’ energy needs. Beyond East Africa, the fund will support initiatives in renewable energy projects in India as well as a forest creation project in the UK.
“We are committed to decreasing carbon footprint and direct emissions into the environment across the globe. Part of our strategy is to use carbon offsetting schemes to balance out our carbon footprint by reducing future emissions. These projects are viable and aligned with our strategy because of their contributions towards renewable energy and providing other social and environmental benefits to the people,” said Markus Villig, CEO and founder of Bolt.
“We continue to proactively engage in activities that reduce emissions by adding more shared and electric vehicles on our platform. We’re also taking immediate responsibility by balancing out our emissions today,” he added.
Green Plan goals include offsetting carbon dioxide emissions of the European transportation sector by at least five million tonnes by 2025, reducing emissions by adding more green ride-types for passengers to choose from and offset emissions of Bolt’s offices globally in 2020. The company is also committed to bringing electric scooters to more cities. Additionally, Bolt will look into ways riders can contribute to green initiatives inside the app.
Bolt’s carbon offsetting projects have been selected in cooperation with Natural Capital Partners, experts in the delivery of solutions for positive impact on carbon and renewable energy.