KENYA – Bolt (Formerly Taxify), Taxi hailing service, has launched a dedicated environmental impact fund with seed capital of €10 million (US$11.03m) aimed at initiatives which deliver global social and environmental benefits.

According to Techweez, Bolt’s environmental impact fund forms part of the company’s wider environmental strategy known as ‘the Green Plan’ which focuses on a long-term commitment to reduce the ecological footprint of Bolt as a company.

The fund will support M-KOPA, a company in East Africa that is helping families in Kenya, Uganda and Tanzania switch from high-cost kerosene to affordable and renewable solar power for covering their household’s 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.

Markus Villig, CEO and founder of Bolt, said, “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.

“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.”  

Green Plan goals include offsetting CO₂ 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 has 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.

Bolt seeks to introduce Electric scooters in more cities in Europe as a part of the Green Plan. Its goal is to offset carbon emission by at least five million tons by 2025.

Bolt will work with Natural Capital Partners, experts in the delivery of solutions for positive impact on carbon and renewable energy, to identify worthy projects to back.