Acquisition of the World's First Carbon Credits from the World Bank BioCarbon Fund

Japan Petroleum Exploration Co. Ltd. ("JAPEX") signed up to the World Bank BioCarbon Fund in 2005. The fund is intended to finance projects in developing and poor countries, in areas such as land use/alteration and forestation, in an effort to restore ravaged land, protect water resources, preserve biodiversity and reduce greenhouse gas emissions in the relevant countries, thereby stimulating economic development. The fund is currently supporting 14 projects in 12 different countries. JAPEX has acquired carbon credits based on CO₂ emissions from the project outlined below.

The credits have been issued based on a "temporary certified emission reduction" (tCER) achieved via a forestation Clean Development Mechanism (CDM), one of the mechanisms set out in the Kyoto Protocol. This is the first time anywhere in the world that credits of this type have been issued.

JAPEX will continue to invest in this fund, to help prevent global warming and improve the environment for local communities. 

1. Credits acquired: Approx. 50,000 tons CO₂
2. CDM project: Reforestation as Renewable Source of Wood Supplies for Industrial Use in Brazil https://cdm.unfccc.int/Projects/DB/TUEV-SUED1242052712.92/view