KOCHI: Climate tech startup, Circularity Innovation Hub India and Kerala-based sustainability startup Green Worms have successfully executed a global and India’s first-of-its-kind mass-scale circular economy initiative.
It has integrated circularity credits, a novel 'environmental asset' with RBI’s programmable Central Bank Digital Currencies (CBDCs).
This pioneering project sets a global benchmark for merging sustainability with financial inclusion by providing end-to-end traceability and transparency in generating revenues from circularity credits and its traceable disbursement through CBDC.
Joel Michael, founder & CEO, of Circularity Global, said, "By fostering a true Circular Economy, we have successfully merged environmental impact with social good through the world’s first large-scale deployment of Programmable CBDCs."
"Circularity Credits, trading between $40-$80, have generated additional incomes of Rs 500-1,000 per month for marginalized communities, including farmers and sanitation workers. We aim to scale this to Rs 5,000 per month and positively impact one million lives within the next three years," he said.
According to Jabir Karat, Green Worms Founder & CEO, the integration of circularity credits and CBDCs is a game-changer for the waste management sector.
"By directly rewarding the efforts of sanitation workers, we are not only improving livelihoods but also strengthening the circular economy in India. This initiative is a model for how sustainability and financial inclusion can go hand in hand," he added.
With this groundbreaking model, Circularity Innovation Hub India is redefining climate finance, proving that economic empowerment, blockchain transparency and environmental sustainability can thrive together.
The organization now plans to expand circularity credits and programmable CBDC deployments across India, unlocking new pathways for waste valorisation, financial inclusion, and circular economy-driven growth.
The Circularity Innovation Hub-India and Green Worms partnership aims to drive systemic change, enabling the ecosystem to transition from a linear economy to a circular economy, build material-specific value chains that incentivise waste collection and drive financial inclusion through recycling programs developed jointly with brands and manufacturers.
Through this initiative, over 100 Kudumbashree women engaged in plastic and textile waste management received additional income via programmable CBDCs, issued in collaboration with the Reserve Bank of India (RBI) and a leading private sector bank.
These digital assets enabled direct, secure, and transparent payments, allowing recipients to purchase essential goods and improving financial resilience for the women workers.
This marks Circularity’s second major CBDC deployment, following its 2024 pilot for farmers in partnership with RBI, IndusInd Bank, and Hindustan Agro Farmer Cooperative, where programmable financial aid was distributed to ensure funds were used for agricultural inputs.
As a part of this pilot, IndusInd Bank initiated the programmable CBDC disbursement to 50 farmers in Ratnagiri district of Maharashtra and will cover around 1,000 farmers going ahead, marking a milestone in the adoption of innovative financial solutions for the agriculture sector.