CarbonEthics, an Indonesia-based developer of tech-enabled natural climate solutions, announced on Wednesday the completion of a $2.1 million seed round of financing led by Intudo Ventures, with participation from a number of strategic angel investors.
Founded in May 2019, CarbonEthics began its journey developing expertise in blue carbon ecosystems, later broadening its scope to include peatland and green ecosystems, the company said in a statement.
Through the company’s suite of natural climate solutions, CarbonEthics blends environmental impact and commercial impact to restore natural ecosystems to help businesses on their decarbonization journey, and create new sources of revenue.
The company said it is working to regenerate destructed forests into protected forests, combining grassroots approaches with technology.
CarbonEthics said it works with clients to co-develop projects to assist them in meeting their climate goals from ideation and feasibility study to implementation and monitoring—while also advancing social impact by directly enhancing the livelihoods of local community partners and thriving biodiversity.
Operating at the heart of Southeast Asia, CarbonEthics is tapping into a region that is projected to provide approximately 30 percent of the world’s carbon-offset supply by 2030 through Nature-Based Solutions.
CarbonEthics is led by Bimo Soewadji (Chief Executive Officer); Jessica Novia (Chief Impact Officer); and Innandya Kusumawardhani (Chief Operating Officer).
The team first met at the One Young World Summit in the Netherlands in 2018, representing their respective companies.
“Achieving net-zero emissions is not only essential to safeguarding both the planet and the global economy from rising climate risks, but it also opens new avenues for profitable growth and innovation,” said Agung Bimo Listyanu, Co-Founder and CEO of CarbonEthics.
CarbonEthics said it partners with various stakeholders from private companies, state-owned enterprises, government agencies, and non-governmental organizations to assist them in their decarbonization journey.
Notable clients include: Allianz, Ernst & Young, Danone, among others.
The company has also established strategic partnerships across international, national and local level, such as with Form International, Indonesian Chamber of Commerce and Industry (KADIN) and Transjakarta.
To date, CarbonEthics has completed carbon project pre-feasibility studies for over 4,200,000 hectares of land with carbon project potential of more than 1 million tonnes of verified carbon units CO2e/year; while planted approximately 288,000 biotas—mangroves, seagrasses, seaweeds, and corals.
The company has partnered with over 300 businesses and institutions, supporting 284 beneficiaries, 22 percent of whom are women.
With this round of financing, CarbonEthics will enhance its portfolio by securing additional carbon projects and recruiting top-tier technical experts to better serve the needs of its clients.
By 2030, CarbonEthics aims to protect and restore 8 million hectares of land under management and deliver more than 160 million tonnes of CO2e impact, while creating a sustainable economy for more than 50,000 local beneficiaries, and restoring biodiversity.
This investment marks the second external round of financing for CarbonEthics. In 2023, CarbonEthics raised $220,000 in pre-seed funding from Spiral Ventures and Ecoxyztem.
IFC provides $60M green financing to Indonesia’s Gunung Raja Paksi to boost decarbonization