Feb. 19, 2024Daisen City, Akita PrefectureAkita Bank, Ltd.Marubeni Corporation
Daisen City, Akita Prefecture (hereinafter, “Daisen City”), Akita Bank, Ltd. (hereinafter, “Akita Bank”), and Marubeni Corporation (hereinafter, “Marubeni”) have concluded a partnership agreement (hereinafter, “the Agreement”) on February 16, 2024, regarding the creation of J-Credits utilizing the municipally-owned forests in Daisen City.
The J-Credit System is a system in which Japan certifies as credits the amount of carbon dioxide emissions reduced through the introduction of energy-saving equipment and the use of renewable energy, as well as the amount of carbon dioxide absorbed through appropriate forest management. The aim is to circulate funds for global warming countermeasures through the free trading of credits.
This Agreement involves approximately 1,100 hectares of forest in Daisen City and is based on forest management planning. It aims to carry out proper forest management to register, certify, and sell J-Credits, with the objective of revitalizing the forest industry within Daisen City. Furthermore, the Agreement will contribute to the realization of a decarbonized society through activities promoting the sale of J-Credits to businesses, particularly in Akita Prefecture, as well as through awareness-raising campaigns. Each company will fulfill its respective roles, with the goal of registering the project in FY2024 and achieving certification for forest-based J-Credits from FY2025 onward.
Roles of Each Company
Currently, Japan’s forestry sector is facing difficulties in forest management due to the dispersion of small-scale forest plots and the unclear boundaries of forests. Additionally, there are many forests that have not been reforested, which could lead to the loss of multifunctional forest benefits such as biodiversity conservation and sediment disaster prevention, as well as concerns over a future decrease in timber supply. There are also issues with low timber prices, high production and distribution costs for timber, and the lack of profit return to forest owners. Through this Agreement, we aim to contribute to the revitalization of the forest industry by increasing the return of profits to forest owners.
Daisen City is one of the cities and regions in Japan that are trying to promote basic and comprehensive initiatives in line with the philosophy of the SDGs, and is particularly proud of its efforts to achieve sustainable development through the creation of new value in the three dimensions of economy, society, and environment. It was selected as an “SDGs Future City” in 2022, which represents a city or region with high potential for realizing development, and has been working on preserving the natural environment, promoting economic and industrial activities, promoting the active participation of young people, and promoting health and happiness. Daisen City aims to create a rural exchange city that is full of wellbeing and sustainable development into the future. In addition, Daisen City has jointly made a “Zero Carbon City Declaration” with the Daisen City Council in March 2022, and both aim to achieve net zero carbon dioxide emissions by 2050 based on the “Daisen City Global Warming Countermeasures Implementation Plan.”
Akita Bank has identified responding to environmental issues as one of its key issues in the Akita Bank Group Sustainability Management Policy, and is promoting initiatives to create environmental value, “Green Values.” Akita Bank will continue to support the decarbonization of local communities and customers and aim to realize sustainable local communities.
Marubeni’s efforts in this area align with the company’s long-term vision for climate change (formulated in March 2021) and its Green Strategy, one of the basic policies to enhance corporate value in the company’s Mid-Term Management Strategy “GC2024.” Marubeni aims to enhance the environmental and economic value of forest resources in Japan and abroad and to open the way to a sustainable future through the power of people and forests.
Daisen City Overview
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