The French oil company TotalEnergies and the Compagnie des Bois du Gabon (CBG) have joined forces to develop a new forest management model. The process combines sustainable logging, biodiversity conservation and long-term carbon storage.
French giant TotalEnergies has become the largest shareholder in Compagnie des Bois du Gabon (CBG) after acquiring 49% of its capital from Criterio Africa Partners. CBG is an important entity in the Gabonese forestry sector, “recognised for its responsible and sustainable management of 600,000 hectares of forest, certified according to the best international standards of the Forest Stewardship Council (FSC), as well as for its contribution to the protection of biodiversity”, says the French oil group.
According to TotalEnergies, its investment in CBG will result in the development of a new forest management model combining sustainable wood production, biodiversity preservation and carbon dioxide sequestration. “We are also particularly pleased to extend our business in Gabon to include sustainable forest management, after more than 90 years of investment and economic activity in the exploitation of the country’s hydrocarbon resources,” said Nicolas Terraz, President Exploration and Production at TotalEnergies.
Employing more than 100,000 people in 120 countries with revenues of more than $184.7 billion in 2021, TotalEnergies works with many local partners around the world to develop and conserve natural carbon sinks, while helping to preserve their biodiversity.
As part of its climate ambition, the oil company plans to invest $100 million per year to build a portfolio of projects capable of generating at least 5 million tonnes of CO2 carbon credits per year by 2030. These carbon credits will be used after 2030 to offset the company’s emissions.