Companies

Zerodha commits $100 million fund towards initiative to combat climate change

Our Bureau Mumbai | Updated on January 09, 2021

Zerodha, an online digital brokerage firm, has sponsored a non-profit initiative called the Rainmatter Climate Foundation which is focused on fostering and assisting ideas that help preserve and regenerate ecosystems.

The firm is committing $100 million fund towards this initiative over the coming years. The foundation aims to support grassroots individuals and organisations along with companies working on problems related to climate change, with a focus on afforestation, ecological restoration, and livelihoods.

“Amongst our core beliefs is that moving to a green economy and creating green jobs is an essential part of the changes needed for a better ecology. We also think that this needs to happen in a distributed fashion across geographies, with value and job creation everywhere and not being limited to a few urban centres,” wrote Nithin Kamath, the founder of Zerodha in a blog post.

“Reversing both migration and concentration of value, wealth and resources are a major need towards this and will also need a strengthening of public goods and services across India,” he added.

The fund will be disbursed as grants and funding for projects in the these areas.

“It will also be used for the creation of open, collaborative platforms that cross-pollinate and scale many good ideas and successful experiments and help create a green economy everywhere. This includes our commitments to funding open source efforts that help create projects and platforms for climate change and related efforts,” wrote Kamath.

The foundation will also incubate and invest in entrepreneurships that help with these directions and helps move towards a greener, more equitable and lower footprint economy.

Sameer Shisodia, former founder of The Farming Collective and Linger Leisure, has come on board as the head of the Rainmatter Foundation.

The foundation’s immediate efforts will be towards the creation of a 70 acre private forest that is being restored using “ecologically sound reforestation” principles.

“We are exploring partnerships to assist various organisations including those in the government in their rewilding efforts,” added Kamath.

Published on January 09, 2021

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