Bolt, a European on-demand transportation platform, has launched a dedicated environmental impact fund with seed capital of EUR10 million aimed at initiatives which deliver global social and environmental benefits.
The fund’s first transaction will finance a forest creation project that plants trees to increase natural carbon sequestration, increase biodiversity, stop pollutants from entering water courses, and prevent the erosion of topsoil. The initiative involves planting over 9,500 trees on 5.8 hectares of land in Angus, Scotland.
Bolt’s environmental impact fund forms part of the company’s wider environmental strategy known as ‘the Green Plan’ which focuses on long-term commitment to reduce the ecological footprint of Bolt as a company.
The fund will also support initiatives in Africa and South Asia, including West India Wind Power, a wind farm project in India; and M-KOPA, a company in East Africa that produces household solar systems to help families in Kenya, Uganda and Tanzania switch from high-cost kerosene to affordable and renewable power for their energy needs.
Markus Villig, CEO and founder of Bolt, says: “We’re working hard to accelerate the global shift to shared and efficiently-used vehicles – electric cars, bikes, scooters and other types of vehicles that are yet to be invented. However, we need to face the reality that the current transition is not fast enough. Therefore, while we look to reduce emissions by adding more shared and electric vehicles on our platform, we’re also taking immediate responsibility by investing in projects that deliver positive environmental and social benefits today.”
Bolt’s Green Plan strategy goals include offsetting the European transportation sector’s carbon emissions by at least five million tonnes by 2025, reducing emissions by adding more green ride-types for passengers to choose from and fully offsetting the emissions of Bolt’s offices globally in 2020. The company has estimated that in 2020, its European rides will emit around 350,000 tonnes of carbon dioxide.