Sumitomo Forestry setting up new forests fund
Friday 4 Mar 2022A major Japanese homebuilder says it's going to establish a new fund aimed at acquiring forests around the world amid the country's effort to become carbon-neutral by 2050. Sumitomo Forestry says the fund will invest in preserving forests overseas as well as harvesting and replanting them in Japan. It is expected to be worth about 100 billion yen, or 867 million dollars. The company says the fund will eventually own a total of 5 thousand square kilometres of forests in Japan and abroad including Southeast Asia and North America.
Mitsuyoshi Toshiro, President of Sumitomo Forestry said "By protecting and expanding forests and peatlands around the world, we want to contribute to companies whose goals are carbon-neutrality." Sumitomo Forestry already owns parts of forests that absorb more than the amount of carbon dioxide emitted by the company. It plans to turn CO2 reduction from tree planting into credits. It will then issue and distribute them to businesses based on their investment in the fund.
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