December 3rd, 2024
Launching a Feasibility Study for a Carbon Credit Generation Project through Mangrove Afforestation in the Philippines
Launching a Feasibility Study for a Carbon Credit Generation Project through Mangrove Afforestation in the Philippines
GYXIS Corporation (Representative Director and President: Keiji TANAKA), in collaboration with Green Carbon, Inc. (CEO: Jun OKITA), which develops projects to generate nature-based carbon credits, will launch a study on the feasibility of generating carbon credits through mangrove afforestation in the Philippines.
With the cooperation of the local government and the University of the Philippines, we will conduct on-site surveys and examine project feasibility with the aim of generating carbon credits (JCM credits*) through the Joint Crediting Mechanism (JCM)—a privately financed bilateral crediting scheme—by planting mangroves in the region centered on the municipality of Quezon in Central Luzon, Philippines.
This project aims to plant and conserve up to 5,000 hectares of mangrove forests in the municipality of Quezon in Central Luzon, Philippines—which have shrunk due to factors such as logging and natural disasters in the past—in order to generate carbon credits. In collaboration with the University of the Philippines, we will conduct on-site surveys of soil characteristics and tree species, etc., to make choices about specific candidate sites for afforestation, the scale of afforestation efforts, and appropriate species, in addition to assessing the project’s impact on biodiversity and pursuing the possibility of obtaining the aforementioned JCM credits between Japan and the Philippines.
As for carbon credits derived from mangroves, also known as blue carbon (carbon captured by marine ecosystems), mangrove forests can capture more carbon dioxide and store more of it as carbon per unit area than terrestrial forests, and are therefore attracting attention as significant contributors to climate change countermeasures. Besides climate change countermeasures, we can expect mangroves to contribute in many other ways, such as protecting biodiversity, purifying water, and serving as natural breakwaters to protect against storm surges and high tides.
In order to respond to new frameworks for reducing greenhouse gas emissions in the future and to meet the need for environmental initiatives by our customers, we will not only procure carbon credits, but also be directly involved in credit generation projects as a new initiative. By doing so, we intend to take on greater responsibility as we strive toward a decarbonized society.
*JCM credits:
Carbon credits using a bilateral crediting scheme. JCM credits can be used to adjust GHG emissions reported by companies based on the disclosure system for calculating and reporting emissions under the Act on Promotion of Global Warming Countermeasures (Global Warming Countermeasures Act), to offset GHG emissions to achieve corporate targets such as carbon neutrality, and to engage in transactions of carbon credits under the GX-ETS, thereby also contributing to achieving Japan’s Nationally Determined Contribution (NDC).
<Candidate area for afforestation>
<Native mangroves existing in candidate area>
【CONTACT】
For inquiries regarding this matter, contact:
General Affairs & Legal Department, Gyxis Corporation TEL: +81-3-5484-5301