London-based non-profit Global Innovation Fund (GIF) has partnered with XPRIZE grand prize winner Mati Carbon to support its expansion into new Global South countries.
Under the partnership, GIF will provide its expertise in impact measurement and embedding ESG standards in new ventures to help Mati Carbon with structuring and establishing enhanced rock weathering (ERW) operations across five more suitable regions.
From its platform in India, Mati Carbon is focused on improving the livelihoods of smallholder farmers by introducing them to the carbon removal method of enhanced rock weathering.
Mati’s ERW approach includes spreading silicate rock dust on arable land, where the dust will get in contact with rainwater, triggering a carbon dioxide removal process that locks atmospheric CO2 emissions into the soil.
By effectively tackling carbon emissions, this process enables Mati to generate high-quality CO2 credits that can then be sold on the market to buyers working towards net-zero goals.
The silicate rock dust also unlocks significant soil-boosting benefits, improving the crop yields for farmers that rely on agriculture as a source of income.
Mati provides its partnering farmers with the silicate rock material for free, financing the farming activities through the sale of the carbon removal credits generated via the ERW operations.
This financing model is what gained the trust of the Global Innovation Fund, which embarked on this collaborative effort to support Mati as it works on including more farmers into its ERW network, launching operations in Tanzania, Zambia, Ethiopia, Cameroon, and Vietnam.
Relevant: Mati Carbon: Empowering Smallholder Farmers Through Carbon Removal
Sharing excitement over the partnership with Mati Carbon, GIF’s Managing Director of Grants, Malcolm Spence reflected on the company’s effective financing method, stating,
“By using carbon credits to fund soil improvements at no cost to farmers, this model not only boosts yields, strengthens livelihoods, and improves smallholder farmers’ resilience against climate change, but it also permanently removes carbon from the atmosphere.”
Earlier this year, Mati Carbon received the ultimate industry recognition for its ERW carbon removal efforts by winning the larges sliver of the XPRIZE award, totalling $50 million.
Read more: Mati Carbon To Scale ERW Globally With Innovative J.P. Morgan Funding
