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 parent company of GCash, the #1 Finance Super App in the Philippines. It’s the first and only fintech company listed on the Philippine Stock Exchange under the “GCASH” ticker symbol. Through GCash, Mynt advances its vision of 'Finance for All' by making financial services more accessible to Filipinos. Mynt operates a portfolio of companies, including G-Xchange, Inc., the payments company responsible for the digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., the financing company for GCash that provides fair and digitally-enabled credit products and solutions.
Mynt, through its fintech operations, is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly focusing on safety & security, financial inclusion, diversity, equity, and inclusion, as well as taking urgent action to combat climate change and its impacts.
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
