GForest reports 52 billion grams of carbon reduced since 2019
Milestone reached as more and more Filipinos go digital through GCash
In celebration of International Zero Emissions Day, GForest announces that it has reduced a total of 52 billion grams of carbon through the various digital transactions done by its users on GCash. These day-to-day services include sending money, paying bills, and buying load.
Daily activities contribute to our carbon footprint which indicates the total greenhouse gas emissions related to these actions. Planting more trees aids in carbon sequestration where carbon dioxide is captured and stored, reducing its presence in the atmosphere and ultimately, minimizing climate change.
As a pioneer in the fintech industry and a committed supporter of the United Nations Sustainable Development Goals, GCash encourages Filipinos to minimize their carbon emissions by giving incentives for digital transactions done through GForest.
GCash users earn green energy points for performing digital financial transactions in the app. The equivalent carbon reduced by going digital is converted into green energy points, which users can use to plant virtual trees. To ensure that the points given are based on actual carbon reduction, GCash tapped the expertise of China Beijing Environmental Exchange (CBEEX) to use science-based methodologies to compute these.
The virtual trees planted by users are then planted into actual trees by Gcash’s partner local and international organizations in strategic areas around the Philippines. After some time, these trees will also sequester carbon from the environment.
“Our partnerships with CBEEX and other established organizations in the Philippines for our reforestation efforts through GForest is a testament to how dedicated we are in addressing climate change. By employing sustainability practices and evaluation methods backed by science, we ensure that we are able to reach our targets,” said CJ Alegre, GCash Head of Sustainability.
Since its inception in 2019, GForest has planted 2.5 million actual trees in total, covering over 11,000 hectares across Luzon, Visayas, and Mindanao, resulting in about 1.3 million tonnes of carbon sequestered. This has been made possible by its 14.4 million green heroes.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
