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The Japan News/Yomiuri
The Japan News/Yomiuri
Business
The Yomiuri Shimbun

Sumitomo Forestry eyes CO2 cut via new fund

Sumitomo Forestry Co. has established a fund to invest in U.S. forestry operations. The company and nine other Japanese firms, including Eneos Corp., Sumitomo Mitsui Banking Corp. and Osaka Gas Co., will invest a total of 60 billion yen in the fund.

In addition to selling timber, the fund will also trade carbon dioxide credits related to the forests to generate revenue.

The fund plans to purchase about 130,000 hectares of woodland in the northeastern United States by 2027.

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