Taxi hailing service Bolt has launched an environmental impact fund that will enable selected companies to push forward their global, social and environmental agendas.

The company has already set €10-million to kick-start the fund.

Kenya-based pay-as-you-go-solar company, M-Kopa will be the first beneficiary of the fund.

M-Kopa allows paraffin users to switch to safer, solar energy through manageable daily payments.

The environmental impact fund forms part of the company's wider environmental strategy known as 'the Green Plan' which focuses on a long-term commitment to reduce the ecological footprint of Bolt as a company.

Markus Villig, chief executive officer and founder of Bolt, said, "We are committed to decreasing carbon footprint and direct emissions into the environment across the globe. Part of our strategy is to use carbon offsetting schemes to balance out our carbon footprint by reducing future emissions."

The company will support other initiatives that deal with renewable energy and that are aligned with its environmental impact reduction.

Villig added that "We continue to proactively engage in activities that reduce emissions by adding more shared and electric vehicles on our platform. We're also taking immediate responsibility by balancing out our emissions today."

Bolt seeks to introduce Electric scooters in more cities in Europe as a part of the Green Plan. Its goal is to offset carbon emission by at least five million tons by 2025.

In a recent report by Science Advance in the US, taxi hailing services such as Uber and Bolt are adding to road congestion and inner city pollution.

Bolt will work with Natural Capital Partners, experts in the delivery of solutions for positive impact on carbon and renewable energy, to identify worthy projects to back.