Marubeni Corp., the Department of Environment and Natural Resources (DENR), Dacon Corp (the majority shareholder of DMCI Holdings), and the UPLB College of Forestry and Natural Resources signed on Friday a memorandum of understanding to develop a carbon credit program through reforestation.
The signing, held in Tokyo, was witnessed by President Ferdinand Marcos Jr., Trade and Industry Secretary Alfredo Pascual and House Deputy Speaker Gloria Makapagal-Arroyo.
In a statement, Marubeni said this will be the first effort to develop a carbon credit program through reforestation in the Philippines in collaboration with the public sector through the DENR, the private sector and the academic sector.
It noted that at the beginning of the 20th century, about 70 percent of the Philippine land area was covered by forests. However, it said, due to excessive logging, conversion of agricultural land, and other factors, the forest area had decreased to just about 20 percent as of 2020.
Deforestation is a major cause of natural disaster risks facing the Philippines, such as landslides and flood damage, thus, reforestation is an urgent issue, Marubeni said.
In this project, the government, private sector and the academic sector will work together to help restore biodiversity, create employment in local communities, and establish a carbon credit program through carbon absorption and sequestration by forests. Marubeni will propel reforestation in Negros Occidental and the framework of the carbon credit program.
Marubeni formulated a long-term vision for climate change in March 2021, and in its mid-term management strategy “GC2024”, Marubeni has positioned green strategy as one of its basic policies to enhance corporate value.