Dubai, UAE: Commercial Bank International (CBI), a leading UAE bank, has announced a strategic investment in Boomitra, a pioneering carbon project developer and Earthshot Prize winner. This partnership aims to enhance regenerative agriculture initiatives across the Middle East, Africa, and Asia by leveraging AI-enabled solutions to empower farming communities and boost climate resilience.
CBI’s investment will bolster Boomitra’s efforts to utilize cutting-edge satellite data and artificial intelligence to measure soil carbon sequestration. This innovative approach will improve soil health, increase crop yields, and generate carbon credits, providing financial incentives for farmers.
This initiative underscores CBI’s dedication to sustainability through impactful, technology-driven projects that benefit local communities and align with the UAE government’s vision for sustainable, climate-smart agricultural systems.
Leadership Perspectives
Giovanni Everduin, Chief Strategy and Innovation Officer at CBI, remarked, “Our investment in Boomitra reflects our commitment to embracing innovative solutions. The fact that Boomitra was included in TIME magazine’s Top 100 Most Influential Companies list for 2024 highlights the groundbreaking innovation they bring to the region. We are confident this partnership will advance sustainable farming practices and contribute to securing the long-term livelihoods of farmers across the region. Collaboration and open dialogue are critical to leveraging AI’s transformative potential in addressing climate challenges. Supporting groundbreaking technologies that accelerate progress towards a sustainable future is at the core of our mission.”
Aadith Moorthy, CEO of Boomitra, added, “We are thrilled to partner with CBI, a bank that shares our vision of harnessing innovation to create meaningful change. This investment will enable us to expand our reach and impact, bringing regenerative agriculture practices to more communities in the Global South, and supporting farmers in their efforts to enhance soil health and climate resilience.”
A Timely Initiative
The investment comes as the UAE intensifies efforts to address pressing environmental challenges, such as water scarcity and land degradation. With up to 70% of land in the Middle East and North Africa affected by degradation, the partnership with Boomitra is pivotal in restoring soil health through advanced technology. By contributing to these initiatives, CBI further positions the UAE as a global leader in technological innovation and environmental stewardship.
About Commercial Bank International (CBI)
Established in 1991 and headquartered in Dubai, CBI is a leading UAE bank dedicated to empowering businesses and individuals through innovative and personalized banking solutions. The bank provides a diverse range of services, including corporate, retail, and Islamic banking. Listed on the Abu Dhabi Securities Exchange (ADX), CBI is regulated by the Central Bank of the UAE and the Securities and Commodities Authority (SCA).
CBI has earned accolades for its innovation and client-centric approach, including awards such as CEO of the Year (Middle East Banking) and Most Innovative Bank of the Year at the Middle East Banking AI & Analytics Awards. The bank’s focus on innovation and technology has also garnered multiple Stevie Awards, including the Gold Stevie Award for Innovation in Technology Development (Financial Services).
For more information, contact: CBI@edelmansmithfield.com
About Boomitra
Boomitra is a global leader in soil carbon project development, utilizing AI and remote sensing technology to drive regenerative agriculture. Its projects, which span over 5 million acres across four continents, benefit more than 150,000 farmers. By generating carbon credits through soil carbon sequestration, Boomitra helps farmers improve soil health and yields while contributing to climate resilience. A 2023 Earthshot Prize winner, Boomitra has removed 10 million tonnes of CO2 from the atmosphere.
For more information, visit: www.boomitra.com
