Mizuho, IFC inks MOU to establish carbon facility
It will facilitate the purchase and sale of voluntary carbon credits.
Subsidiaries of Mizuho entities, including Mizuho Financial Group and Mizuho Bank, have signed a memorandum of understanding (MOU) with the International Finance Corporation to establish a carbon facility, according to a press release.
The facility will oversee the purchase and sale of voluntary carbon credits for Japanese companies, Mizuho said.
This is reportedly the first-ever MOU related to the establishment of a carbon facility for voluntary carbon credits for IFC.
Japanese companies are expected to participate in the facility as carbon credit buyers via an arrangement with Mizuho, whilst IFC will supply the voluntary carbon credits to the facility. These will reportedly be sourced from forest conservation and other projects that will generate and sell voluntary carbon credits to IFC through Emission Reduction Purchase Agreements.
Mizuho entities participating in the MOU include Mizuho Financial Group, Mizuho Bank, Mizuho Securities, and Mizuho Research & Technologies.