SMBC to Acquire 220 Hectares of Forest in Kanagawa Prefecture to Reduce CO2 Emissions; Develop Hiking Trails and Spaces for Children’s Work-Study Program

The Yomiuri Shimbun

15:35 JST, March 31, 2024

Sumitomo Mitsui Banking Corp. (SMBC) will acquire about 220 hectares of forest in Isehara, Kanagawa Prefecture, as early as in May to reduce its own carbon dioxide (CO2) emissions by using the national system for carbon credit trading.

SMBC will also use the forests as a site to provide environmental education for local children.

It is rare for a megabank to acquire forests for environmental protection purposes.

SMBC will acquire a portion of forests owned by a local forestry cooperative for thinning and replanting to preserve habitat for plants and animals and to prevent disasters. Through this initiative, the company will increase the CO2 emissions absorbed by the forests and add them to its own emissions reductions.

SMBC expects to reduce emissions by about 700 tons per year.

The company also plans to develop hiking trails in the forest and use it as a site for a work-study program for local children.

SMBC is accelerating its efforts to achieve net-zero greenhouse gas emissions by 2030. The bank also aims to achieve this goal through the use of solar power and other renewable energy sources.