Virtual to Actual Tree Planting: A Biodiversity Finance Solution through Partnership with GCASH (Digital Mobile Wallet Company)

Biodiversity finance is the practice of raising and managing capital and using financial incentives to support sustainable biodiversity management. This project (BIOFIN II) supports countries with a methodology that provides innovative steps to measure current biodiversity expenditures, assess financial needs, identify the most suitable finance solutions and provides guidance on how to implement these solutions to achieve their national biodiversity target. As a result, it is expected to contribute in closing the global financing gap and conservation and sustainable use of biodiversity. BIOFIN II helps mobilize resources for the implementation of the PBSAP. Assessments conducted in the first phase of the project revealed that the government spends Php5B in biodiversity conservation while the PBSAP requires Php24B per year. Thus, there is a financing gap of Php 19B. To address these gaps, BIOFIN II is implementing finance solutions. One of the finance solutions introduced by BIOFIN II, through partnership with Philippines' leading digital mobile wallet company "GCash", is the GForest. GForest users earn green energy points by using the various cashless services of GCash, such as Send Money, Pay Bills, or Bank Transfer on the app — digital financial services that also lessen their carbon footprint, in addition to planting trees. GForest users can also collect green energy every time they walk if they enable GCash to access their health app or fitness tracker. These green energy points can be used to plant virtual trees. Since GForest's launch in 2019, more than 10 million users have joined the cause. As of Dec. 19, 2021, a total of 1,060,000 trees have been planted virtually by GForest users, one million of which have been converted to actual trees planted in various locations. Diverse species of trees like narra, yakal, molave, guyabano, avocado, alim, antipolo, dungon, hauili, igyo, nangka, mamalis, taguiluboy, talisay, tibig and tuai. There are also mangrove species like tangal, tabigi, pototan, pagatpat, bakawan lalake, bakawan babae and bungalon. These species were planted in different vulnerable locations nationwide such as Ipo Watershed, Ayala Land Carbon Forest in Alaminos, Calamianes MKBA in Palawan, RAFI Luyang Watershed, Cebu Carbon Forest, Tanon Strait Protected Seascape, SOCSARGEN and Davao Carbon Forest. Further, coconut seedlings were also given to farmers for planting. Aside from these designated areas, GCash is also identifying new sites that it can reforest as it scales up its sustainability program in the country. For every tree that was planted virtually through the GForest service of GCash, the app user will receive a certificate on the same. Subsequent to that, when the virtually planted tree species was actually planted by the partner NGO on site, the certificate that was previously issued will have a mark which states "This tree has been PLANTED", where it was planted and which NGO planted the same. Please see attached sample of certificate. The project's (BIOFIN II) role is to identify Non-Government Organizations (NGOs), with pre-identified sites for planting, which served as partners of GCash. Thereafter GCash entered into a Memorandum of Agreement (MOA) with the NGOs wherein the latter are executing the tree planting as part of their company's corporate social responsibility. To date, the NGOs that were identified by BIOFIN II are the World Wide Fund for Nature Philippines, Ayala Land Inc., Ramon Aboitiz Foundation, Inc. (RAFI), HOPE, and Century Pacific Food, Inc. "One with the Nation" is GCash's corporate social responsibility program employing various initiatives including NGO partnerships, programs on disaster response and environmental stewardship.