TotalEnergies invests $50 million in Southeast Asia’s sustainable forestry

French energy giant TotalEnergies said on Thursday it will contribute US $50 million to the “Tropical Asia Forest Fund 2” (TAFF2) which is managed by New Forests.

The company said that its investment will contribute “significantly to the fund's goal of building a diverse portfolio of six to eight forestry assets for a total investment of $300 million.”

The fund invests in certified plantations and native forest conservation projects in various countries across South-East Asia, including Indonesia, Malaysia, Laos, Cambodia, Thailand, and Vietnam, TotalEnergies said in a statement.

“We are pleased to support the first close of TAFF2, allowing us to extend our presence in Asia and diversify our portfolio of nature-based carbon sinks” said Adrien Henry, Vice President Nature Based Solutions at TotalEnergies.

“TotalEnergies’ climate ambition is based on a panel of tangible actions, aiming first to prevent and then to reduce our greenhouse gas emissions, and finally to offset residual emissions,” Henry added.

The forestry assets the fund will work on includes creating local employment, creating economic development opportunities for local communities through programs for artisanal producers, reinforcing biodiversity corridors and protecting primary forests.