1MT Nation, an Estonian company developing nature-based carbon removal projects, has just closed a €1 million investment round. Interest from investors was bigger than expected so the company chose backers with expertise in the forestry sector.
1MT Nation (1MTN) restores degraded lands in Africa and allows companies all over the world to invest in high-quality nature-based carbon removals. 1MTN is on a mission to restore at least 1 million hectares of land in Africa by planting polyculture native bamboo species by 2030. 1MTN is doing this in cooperation with landowners to ensure a sustainable and local natural ecosystem.
In April of this year, the first 300 hectares of bamboo were planted in Uganda. Preparatory work has begun for planting 2,000 hectares of bamboo in Uganda and 1,000 hectares in Kenya. 1MTN uses high-level technology, including satellite technology for mapping land areas, because suitable lands must not have had forest cover for at least the past 10 years.
“Bamboo is one of the most effective natural tools for mitigating climate change. It grows fast so the removal of carbon dioxide pollution from the atmosphere is also significantly faster. However, opening plantations and restoring degraded lands requires large investments so we decided to announce our first round. Interest from potential investors was greater than we expected,” says Kristjan Raude, Co-Founder & CEO of 1MTN.
“We are really glad to start the partnership with strategic investors with industry-specific knowledge,” comments Anete Garoza, Co-Founder & Chief Climate Officer of 1MTN, and added that they have onboarded investors with long-term expertise in the forestry and wood industry, capital markets, sustainability, and technology.
One of the investors with long-term experience in the forest industry is Margus Kohava, Head of the Estonian Forestry and Wood Industry Association who says, “The consequences of climate change affect everyone, regardless of geographical location, and I continue to believe that smart and well-thought-out development of forestry and the forest industry will prove to be the best way to help us combat climate change. 1MT Nation restores degraded lands by afforestation, and we can also offer support with know-how in this process.” According to Kohava, investment in nature cannot be put on hold even in difficult economic circumstances, and in addition to a positive impact in the context of climate and nature, 1MTN’s activities also create a strong social influence.
1MT Nation or 1 Million Tonne Nation means that each project must remove at least one million tonnes of carbon dioxide pollution from the atmosphere. 1MTN’s business model is built on CSV and guided by ESG and SDG. “Simply put, we are a company with a strong social impact, in addition to restoring nature and supporting corporations in their efforts to reduce their footprint,” says Anete Garoza.
Read the orginal article: https://www.eu-startups.com/2023/06/tallin-based-1mt-nation-ou-raises-e1-million-to-regenerate-lands-in-africa-by-planting-bamboo/
