Japanese conglomerate Marubeni has commited to developing reforestation projects in the Phillipined through a carbon credits mechanism.
Company representatives signed a Memorandum of Understanding with Phillipines officials earlier this week.
The signatories on the Phillipines side are a mix of public and private organizations – The Department of Environment and Natural Resources of the Phillipines, alongside Dacon Corporation and the University of the Philippines College of Forestry and Natural Resources.
Marubeni has an extremely broad business footprint, ranging from food, agriculture and forestry to energy, infrastructure and aerospace.
The two sides will be making the first attempt at developing a reforestation program with carbon credits in the Phillipines.
The first carbon credits project Marubeni will be focusing its attention on is the Negros Occidental municipality.
In the past the had over two thirds of its land mass covered by forests. Logging and the increase in farmland have reduced the forest coverage to 20% as of 2020.
The additional benefits of the project are increased biodiversity, employment opportunities for those living around the locations of the projects which will be financed through the credits.