Cab-hailing company now launches green plan fund
Tuesday, November 26th, 2019
Bolt, an on-demand transportation platform in Europe and Africa, last week launched a dedicated environmental impact fund worth Sh1.3 trillion, aimed at initiatives that deliver global social and environmental benefits.
The fund forms part of the company’s wider environmental strategy known as ‘the Green Plan,’ which focuses on a long-term commitment to reduce its ecological footprint.
“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 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,” said Markus Villig, CEO and founder of Bolt.
The fund will support M-KOPA, a company helping families in Kenya, Uganda and Tanzania switch from high-cost kerosene to affordable and renewable solar power for 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.
Green Plan goals include offsetting carbon 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 and to look into ways riders can contribute to green initiatives within the app.