Listed firm Shell Pilipinas Corporation (SPC) has inked a memorandum of understanding (MOU) with the Department of Environment and Natural Resources (DENR) on the advancement of nature-based solutions (NBS) that will aid the company in meeting its mid-century net zero decarbonization goal.
Shell explained that nature-based solutions will delve with initiatives on the protection and enhancement of natural ecosystems, including those on forests, grasslands, wetlands as well as coastal zones.
Additionally, NBS could cover projects “that improve agricultural sustainability to help absorb or prevent the release of greenhouse gases, while also delivering benefits to local communities and enhancing biodiversity of the area.”
Shell stipulated that it has been transforming its business to meet its target by avoiding and reducing emissions from its operations and from the fuels and other energy products it sells to its customers.
The collaborative undertaking is in line with DENR’s “national greening program” as underpinned by Executive Order No. 193 that sets forth climate change mitigation and adaptation measures “through the restoration and protection of unproductive, denuded, and degraded forestland in the country.”
SPC President and CEO Lorelie Quiambao-Osial noted that the anticipated outcome of the partnership will lean largely “in protecting the environment,” stressing that “it’s a significant moment where different sectors are coming together to make a positive difference.”
Shell and DENR are aligned in developing NBS and focused on the protection, restoration, and regeneration of the country’s environment and natural resources, she said.
So far, the projects as well as endeavors to be pushed under that collaboration, including the timeframes, had not been fleshed out yet by the parties.
It was just universally indicated that “both organizations will explore integrated carbon and development opportunities in the Philippines.”
Part of the signed pact will be for the parties to “work together to document processes and activities that the agency can use as a reference to develop programs, policies, and regulations related to NBS carbon projects.”
For her part, DENR Secretary Maria Antonio Yulo-Loyzaga, “the collaboration with SPC is significant,” as she conveyed that “we all have a stewardship role in terms of protecting our national resources, and we deeply value this opportunity to work together to achieve our goals for a climate and disaster-resilient country and planet.”