Marubeni To Aid In PH Reforestation Carbon Credit Program

Marubeni Corp., the Department of Environment and Natural Resources (DENR), DMCI Holdings subsidiary Dacon Corp. and the UPLB College of Forestry and Natural Resources signed a memorandum of agreement to develop a reforestation carbon credit program.

The signing was held in Tokyo with President Ferdinand Marcos Jr., Trade and Industry Secretary Alfredo Pascual, and House Duty Speaker Gloria Macapagal-Arroyo as witnesses.

According to Marubeni, it will be the first effort to develop a reforestation carbon credit program in the Philippines in collaboration with the public sector through the DENR, the private and academic sectors.

Marubeni said about 70% of the Philippine land area was covered by forests in the early 2000s. However, with activities such as excess logging, conversion of agricultural land, and other factors, the land area declined to about 20% as of 2020.

Marubeni said deforestation is a major cause of natural disaster risks facing the Philippines, such as landslides and flood damage, making reforestation an urgent issue.

The project will allow the government, private and academic sectors to work together to restore biodiversity, create employment in local communities, and establish a carbon credit program through carbon absorption and sequestration by forests. Marubeni will initiate reforestation in Negros Occidental and the framework for the carbon credit program.

Marubeni created a long-term vision to address climate change in March 2021, part of its mid-term management strategy, “GC2024”, is to position the company’s green strategy as one of its policies to enhance corporate value.

Source: Inquirer.net