Samar BioSPV, a company established by French company, aDryada and Samar Bamboo Corporation, and the Department of Environment and Natural Resources (DENR) has signed last 29 May 2024 a memorandum of understanding (MoU)at The Spices Pavillion of The Peninsula Manila in Makati to implement the Green Samar Project.
The Project aims to deploy the largest reforestation project in the country, covering a total of some 90,000 hectares of degraded forest in the North-West part of Samar Island Natural Park in Samar Province.
It shall support the priorities of the Philippine government with regards the environment in collaboration with Western Samar provincial governor, Sharee Ann Tan, and with the backing of House Minority leader, Congressman Marcelino Libiran who is from Samar.
Nature-based solutions
The Green Samar Project takes cognizance of the fact that nature-based solutions are a critical tool in the country’s arsenal in mitigating the effects of climate change and increasing the resilience of local communities through jobs creation and the provision of ecosystem services.
As part of the DENR’s banner Enhanced National Greening Program (ENGP), the government plans to reforest at least one million hectares of land in the country before 2028.
The Philippines is also finalizing a carbon credit framework that will facilitate the achievement of national climate transition goals and attract foreign investors.
Reforestation and restoring biodiversity in the Samar Island National Park, which is vying to be a UNESCO World Heritage Site, are primary objectives of the Green Samar Project.
Project proponents see the creation of jobs and livelihood support in communities in the province through the development of economical bamboo activities as well as the setting up of a facility designed to transform bamboo into useful commodities.
Conceptualized by Audax Global
The Green Samar Project was conceptualized through a collaboration initiated by Audax Global, an international group headed by Audax Global s.a.r.l. founder Jeremy Knight and represented in the Philippines by Audax Global director for Business Development, entrepreneur and environmental advocate Allana Montelibano; and Karen Jimeno, chief legal counsel for SofCap partners, a private equity fund for Philippine investments.
“I am proud to launch this project, which is based on the three pillars that aDryada considers equally important to achieve a high level of quality: climate, biodiversity, and improving the living conditions of local populations. It is all the more promising as it draws on the strong experience of our partner and the excellent work carried out by the Authorities, both at local and national levels”, said aDryada CEO Fabio Ferrari.
The France-based company develops, operates and finances such large-scale nature-based projects as reforestation, land restoration, mangroves, wetlands and the like all over the world with a major goal — to have a tangible impact on biodiversity, climate and people’s living conditions.
Impact on transforming Samar
For his part, Samar Bamboo Corporation (SBC) president, Ruben Picardo said, “As a Philippine citizen originating from Samar, I am delighted to participate in the Green Samar Project, which will have a transformational impact on the province and its local communities. And I am confident that our partnership with aDryada will be powerful enough to achieve our ambitious goals.”
Picardo, who also heads Taft Hydro Energy Corporation based in Samar, has a particular purpose in being involved with the project, that is, reforestation as watershed protection.
Meanwhile, French Ambassador Marie Fontanel, who witnessed the MoU signing, said, “This project exhibits that one should never have to choose between the environment and economic and social development.”
She spoke about the significance of MoU signing on the Green Samar Project in Manila, as she recalled that “the Paris Climate Agreement was born in Manila, Philippines. In 2015, then Philippine President Benigno III and French President Francois Hollande launched the Manila call to action for climate change after which the countries met in Paris for the Climate Change Convention.”
In putting her signature on the MoU, DENR Secretary Antonia Yulo-Loyzaga noted: “This project is an example, as the Ambassador has just said, how national and local government as well as our bilateral partners can work together with the private sector in a whole of government and a whole of society approach for climate resilience.”
