J.P. Morgan’s investment in Mati Carbon aims to scale enhanced rock weathering across the Global South, delivering carbon removal and responsible business outcomes. ESG BROADCAST shares key takeaways.
J.P. Morgan has announced a landmark blended finance commitment to Mati Carbon, a US-based carbon removal startup, enabling the rapid expansion of its enhanced rock weathering (ERW) technology across India and Sub-Saharan Africa. The financing round, backed by the Schmidt Family Foundation, follows Mati’s $50 million victory in the XPRIZE Carbon Removal competition, awarded for scalable climate solutions capable of removing gigaton-level CO₂ from the atmosphere.
The ERW method, pioneered by Mati Carbon, involves applying finely crushed basalt to agricultural soils, accelerating natural mineral processes that absorb atmospheric CO₂. In addition to its environmental impact, the technology significantly boosts agricultural productivity—raising crop yields by up to 20% for smallholder farmers, thereby strengthening local economies.
“Winning the XPRIZE validates the scientific foundation and climate impact of our work,” said Shantanu Agarwal, Founder and CEO of Mati Carbon. “With this investment from J.P. Morgan, we can now scale ERW deployment in regions most vulnerable to climate change while empowering rural livelihoods.”
Established in 2022 and headquartered in Houston, Mati Carbon has strategically focused its initial operations in India and Africa, regions rich in basalt deposits and smallholder farming activity. The company’s goal is to reach 30,000 farmers by the end of 2025, beginning with scaled rollouts in India, Zambia, and Tanzania. To date, the startup has already attracted global buyers for its carbon credits, including Shopify, Stripe, and H&M.
The project is structured under a blended finance model, combining private investment from J.P. Morgan with philanthropic support from the Schmidt Family Foundation. This approach reduces financial risk for climate investors and helps unlock institutional capital for high-impact, early-stage carbon removal ventures.
“J.P. Morgan is proud to partner with Mati Carbon to drive decarbonisation and local economic growth,” stated Kelly Belcher, Head of Climate Tech at J.P. Morgan. “This investment showcases the potential of climate finance to catalyse real, measurable change.”
Mati’s proprietary technology infrastructure, including the matiC enterprise platform, leverages artificial intelligence for real-time field operations and logistics. It is coupled with a robust Monitoring, Reporting, and Verification (MRV) framework ensuring scientific credibility and data transparency for the resulting carbon credits.
According to Jake Jordan, Chief Science Officer at Mati, enhanced rock weathering offers carbon sequestration with an estimated durability of 10,000 years—positioning it as one of the most permanent forms of carbon dioxide removal (CDR) currently available.
Strategic significance lies in the dual benefit of climate impact and rural income growth, making ERW a rare example of high-integrity CDR that also drives social equity. For ESG-conscious investors, corporate buyers, and development agencies, the initiative sets a precedent for integrating sustainability regulation with inclusive economic development.
