Boomitra, Mongolian Govt Sign MoU On Regenerative Agriculture And Carbon Finance

Boomitra, Mongolian Govt Sign MoU On Regenerative Agriculture And Carbon Finance - Carbon Herald

Boomitra, a leader in climate tech and carbon removal, has signed a Memorandum of Understanding (MoU) with the Mongolian Ministry of Environment and Tourism to promote regenerative agriculture and carbon finance in Mongolia.

Another MoU was signed with Mitsubishi Corporation to conduct feasibility studies for a regenerative agriculture project under Japan’s Joint Crediting Mechanism (JCM), Boomitra said in a statement Tuesday.

The initiative in Mongolia will transform 12.2 million hectares (3 million acres), potentially expanding to 20 million acres by 2030.

This project is aimed at removing 1.3 million tons of carbon dioxide (CO2) annually by improving soil health, enhancing biodiversity, and sequestering carbon.

The initiative in Japan will generate carbon credits, which may be used in Japan’s Green Transformation League’s emission trading system.

The JCM, a bilateral mechanism between Japan and other countries, supports projects that reduce greenhouse gas emissions and contribute to sustainable development.

Relevant: Singapore And Mongolia Ink Deal For Carbon Credits

“Through this partnership, Mongolia is taking a significant step towards achieving our climate goals while also promoting sustainable agricultural practices,” said Bat-Erdene Bat-Ulzii, Mongolia’s Minister of Environment and Tourism.

The initiative will support herders by providing additional income through carbon credits, crucial for regions vulnerable to desertification, drought, and extreme weather, ultimately helping them build climate resilience.

Boomitra’s proprietary AI-powered technology will measure the additional carbon sequestered in the soil.

Part of the revenue generated from carbon credits will go to participating farmers and herders, who can then reinvest it in their communities.

“We are excited to introduce regenerative agriculture projects and carbon finance in Mongolia,” said Aadith Moorthy, Boomitra’s CEO.

He highlighted that compliance markets will play a key role as the company moves forwards to its gigaton-scale carbon removal goal by 2030, and the hopes are that the Mongolia project will become one of the largest compliance carbon removal projects globally.

Read more: Boomitra Named As Earthshot Prize Winner In Climate Category

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »