Japan’s largest natural gas provider Tokyo Gas has announced plans to invest up to $25 million in Climate Asset Management’s Nature Based Carbon Fund.
The fund, which previously raised around $650 million, generates carbon credits from afforestation and nature-based projects.
Tokyo Gas said its investment will help “raise a substantial amount of this scarce high-quality nature-based carbon credits over the 12-year period in 2037”.
The energy company uses carbon credits as part of its net zero by 2050 roadmap and has previously supported nature-based methane reduction projects in the Philippines. It also has a partnership with Vertree to jointly develop nature-based carbon projects.
It said: “By utilising the high-quality carbon credits that the fund will create, we will further evolve our carbon offset menu.”
Tokyo Gas is the fund’s first investor from Asia.