PBE and FMB Sign MOU for Carbon Sequestration Investment

December 05, 2012 | Posted by Philippine Business for the Environment

PBE and FMB Sign MOU for Carbon Sequestration Investment
The MOU signing with (L-R): Mr. June Alvarez, Mr. Bonar Laureto, Dir. Ricardo Calderon, and Ms. Georgina Pascual.

Mr. Bonar Laureto and Dir. Ricardo Calderon of the Forest Management Bureau (FMB) formally signed a partnership through a Memorandum of Understanding (MOU) that aims to increase private sector investment on industrial forestry. The momentous event was held at Fontana, Clark Freeport Zone, Pampanga on Nov. 27, 2012 at the FMB’s national management conference.   Prior to the signing, Mr. Laureto presented the concept behind the MOU to the audience composed primarily of Regional Technical Directors (RTDs).

The concept, dubbed Carbon Sequestration Investment (CSI), is a mechanism that will enable companies and organizations to invest in a PPP entity that will rehabilitate and reforest unutilized forest lands for industrial forestry. This mechanism will also create green jobs and alleviate poverty, help companies achieve greenhouse gas reduction targets, and support the Philippines’ move to achieve sustainable inclusive growth.

Acting as witnesses to the signing were Mr. June Alvarez, Executive Director of the Philippine Center for Environmental Protection and Sustainable Development, Inc. (PCEPSDI) and Ms. Georgina Pascual, Project Officer of the Greener Business Asia project of the International Labour Organization (ILO.)

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