An environmental impact fund with seed capital of €10 million has been created by on-demand European transportation platform Bolt.
The first UK transaction will fund forest creation covering more than 9,500 trees on 5.8 hectares of land in Angus, Scotland.
It is one of a number of planned initiatives designed to deliver global social and environmental benefits.
The Scottish sustainability venture aims to increase natural carbon sequestration, improve biodiversity, stop pollutants from entering water courses and prevent the erosion of topsoil.
The environmental impact fund forms part of a wider ‘green plan’ environmental strategy, a long-term commitment to reduce the ecological footprint of Bolt.
The fund will also support projects in Africa and South Asia, including a wind farm in India and a company in East Africa that produces household solar systems to help families in Kenya, Uganda and Tanzania switch from high-cost kerosene to affordable and renewable power.
The green plan aims to offset the European transportation sector’s carbon emissions by at least five million tonnes by 2025, reducing emissions by adding more green ride options and fully offsetting the emissions of Bolt’s offices globally in 2020.
The Estonia-based company has estimated that its European rides will emit around 350,000 tonnes of carbon dioxide in 2020.
Bolt has also committed to working with local regulators to introduce its electric scooters to more cities.
Additionally, Bolt will look into ways riders can contribute to green initiatives inside the app.
Founder and chief executive Markus Villig said: “We’re working hard to accelerate the global shift to shared and efficiently-used vehicles – electric cars, bikes, scooters and other types of vehicles that are yet to be invented.
“However, we need to face the reality that the current transition is not fast enough.
“Therefore, while we look to reduce emissions by adding more shared and electric vehicles on our platform, we’re also taking immediate responsibility by investing in projects that deliver positive environmental and social benefits today.”