J.P. Morgan backs Mati Carbon to scale rock weathering in India

JPMorgan announced a blended-finance commitment to Mati Carbon to expand enhanced rock weathering across India and Sub-Saharan Africa following its $50 million XPRIZE Carbon Removal win. The deal advances high-integrity carbon removal and smallholder farmer income in India, shaping the country's emerging carbon-credit and CDR landscape.

J.P. Morgan, with the Schmidt Family Foundation, made a blended-finance commitment to Houston-based Mati Carbon to scale enhanced rock weathering, which applies finely crushed basalt to agricultural soils to accelerate natural CO2 absorption. The financing follows Mati's $50 million XPRIZE Carbon Removal victory for scalable gigaton-level solutions. Beyond carbon removal, the method raises crop yields by up to 20% for smallholder farmers. Mati has secured carbon-credit buyers including Shopify, Stripe, and H&M.

Smallholder farmers in India, Zambia, and Tanzania, regions rich in basalt and smallholder farming, are the direct beneficiaries, alongside corporate carbon-credit buyers. Founded in 2022, Mati aims to reach 30,000 farmers by the end of 2025, beginning with scaled rollouts in these countries. Its matiC enterprise platform uses artificial intelligence for field operations and logistics, paired with a Monitoring, Reporting, and Verification framework ensuring scientific credibility and data transparency for the carbon credits.

Investors, corporate buyers, and development agencies should track the blended-finance model combining J.P. Morgan's private capital with Schmidt Family Foundation philanthropy, which reduces risk and unlocks institutional capital for early-stage carbon removal. Enhanced rock weathering offers an estimated carbon-sequestration durability of 10,000 years, positioning it among the most permanent CDR forms. Indian agricultural and ESG stakeholders can monitor how the 30,000-farmer target progresses and integrates with carbon-credit markets.

Key figure — Farmer reach target: 30,000 farmers by the end of 2025