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Firm led by Indian-American bags Earthshot Prize
Boomitra was recognised for making significant strides in reducing emissions and increasing the profits of farmers.
Aadith Moorthy. / Image - The Earthshot Prize
Boomitra, a global soil carbon marketplace founded by an Indian American was announced as one of the five recipients for this year's Earthshot Prize at the awards ceremony held in Singapore.
Boomitra, whose name means "friend of the earth" in Sanskrit, was awarded the prize in the 'Fix Our Climate' category for making significant strides in reducing emissions and increasing the profits of farmers. It achieves this by promoting soil restoration and encouraging the adoption of regenerative agricultural practices through a verified carbon-credit marketplace.
The company collaborates with over 150,000 farmers, ranging from smallholders with half-acre plots to large ranchers, and collectively manages more than five million acres of land in some of the most economically disadvantaged regions across Africa, South America, and Asia.
Companies and governments seeking to compensate for their emissions can acquire certified carbon credits from Boomitra's marketplace, with the majority of the proceeds from each credit being directed to the farmers and ranchers.
“We cannot restore the earth without the support of farmers, who produce the food we eat and rely on the land for their income. Our technological solution empowers farmers with the data they need to improve soil and maximise their crop yields, while creating a valuable store for carbon. Our thanks to The Earthshot Prize for recognising our work as we continue to support thousands more farmers,” said Aadith Moorthy, CEO and founder of Boomitra.
Each of the winners will be awarded over US$1 million to assist in the expansion of their innovative climate and environmental initiatives. The accomplishments of the third cohort of Earthshot Prize Winners have a global reach, encompassing efforts to safeguard and renew the environment while also providing assistance to local communities on six continents, an official statement noted.
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