The Philippines’ Department of Environment and Natural Resources (DENR) has signed an MoU with a large domestic infrastructure company to reduce carbon emissions and manage biodiversity through a 1,800-hectare reforestation project.
WawaJVCo, a joint venture between Prime Infra and San Lorenzo Ruiz Builders and Developers Group, will lead the project, located within the Upper Marikina River Basin Protected Landscape, it said in an announcement this week.
“This MoU for environmental stewardship between government and private sector reflects the commitment of both parties to develop and implement science-based strategies in support of sustainable development,” said Enrique K. Razon Jr., the chairman of Prime Infra and WawaJVCo.
“We thank the DENR for making it possible for us to contribute to environmental protection and biodiversity management.”
According to the statement, the project aims to generate carbon credits “based on internationally accepted voluntary standards”.
At the sidelines of COP15 in Montreal in December, Environment Secretary Antonia Loyzaga said the Philippines is considering putting in place a biodiversity credit market to boost private investments in nature protection, though for the time being there is no such framework in the country.
In fact, the Philippines only this month finalised a regulatory framework for hosting nature-based solutions projects in the carbon market, and announced a first forest-based carbon credit arrangement with Japanese conglomerate Marubeni on Feb. 10.
“We’re very glad for this new effort on the part of the public and private sector to address the very complexity that we are facing in terms of risks for the country. The private sector is among the leading engines of growth for the country, and we would like very much to continue exploring this type of multi-stakeholder partnerships to move the agenda of the department forward,” Secretary Loyzaga said this week.
WavaJVCo is also the developer and operator of a project responsible for providing drinking water to eastern Manila and Rizal province.
Under the MoU with the government, the company committed to maintain best practice standards when it comes to carrying out stakeholder consultations with and involvement by Indigenous peoples and local communities.
“This 1,800 hectares [of] reforestation will ensure the sustainability of our water supply, while providing a natural carbon sink programme and, ultimately, protect our environment and support local communities,” said Guillaume Lucci, president and CEO of Prime Infra, adding that the MoU would serve as a blueprint for the wider implementation of his company’s nature-based solutions programme.
By Stian Reklev – stian@carbon-pulse.com
*** Click here to sign up to our weekly biodiversity newsletter ***
