18 November, 2020
Repsol Social Impact, a company 100 percent owned by Repsol Foundation, has reached an agreement with Land Life Company and Sylvestris, leading companies in reforestation sector, in which they set the basis for the constitution of a joint venture. The target will be to develop large-scale reforestation and forest management projects in Spain, Portugal and Latam.
The aim of this joint venture, which is expected to be incorporated by the beginning of next year, will be the development of reforestation projects to generate carbon credits for a growing voluntary market for CO2 emissions compensation. This market will play a key role in the strategy of companies committed to reach zero net emissions targets.
These projects have a positive environmental impact, because they will help mitigate climate change and restore degraded ecosystems. In addition, the projects entail a social impact in the areas of action, by creating employment in rural areas and avoiding further depopulation of these areas.
To show their commitment, Repsol Social Impact, Land Life Company and Sylvestris have already started working together in the execution of an ambitious reforestation plan in Spain to plant 350,000 trees. The work has already started in three locations affected by forest fires and abandoned agriculture: Mombeltrán, Cuevas del Valle and Fresno del Río, in Castilla y León, and Ejulve in Aragon. It is estimated that this project will capture 108,000 tons of CO2 from the atmosphere.
The reforestation project, whose work has already begun, will be executed in accordance with the standards of the Spanish Office for Climate Change (OECC) and is registered in the Carbon Footprint Registry, Offsets and Carbon Dioxide Absorption Projects, a national registry created for this purpose by the OECC.
For Antonio Brufau, Chairman of Repsol and its Foundation: “This partnership combines the efforts of our investee company, Sylvestris, with Land Life Company to implement large-scale impact projects in the shortest possible time, reinforces our strategy of developing projects that contribute to the energy transition and it is aligned with Repsol’s objective of being a net zero emissions company by 2050.”
Both Land Life Company and the Sylvestris Group will team up their capacities and optimize synergies to execute the plantings. In addition to their expertise and technology, Sylvestris will bring their social impact model to promote employment in the local communities. Land Life, as a high-tech reforestation company, will deploy tools that help increase the productivity and scale of the plantings.
For Jurriaan Ruys, CEO at Land Life Company: “We’re excited about this partnership because we can only reforest large areas in Spain together. The three partners have complementary skills and a shared, bold vision. We will start with reforesting degraded land in northern Spain, affected by forest fires and abandoned agriculture.”
Enrique Enciso and Fran Martinez, founders of Group Sylvestris: “This collaboration opens the door to new and exciting opportunities, together we will multiply our impact, both on environment and society not only in Spain but also in Portugal and Latam.”
About Repsol Impacto Social
Repsol Impacto Social is a company 100% owned by Fundación Repsol, whose objective is to contribute to a sustainable energy transition and create opportunities for vulnerable groups through a network of economically sustainable companies that generate social and environmental impact in Spain and Portugal. The activity segments of these companies are emissions reduction, sustainable mobility, circular economy, energy efficiency and eco products and services. In addition to Sylvestris, Repsol Impacto Social has stakes in SAEMA, a company dedicated to the recovery and recycling of plastics and packaging; Koiki, dedicated to the sustainable distribution of the last mile and in GNE Finance, focused on providing integral solutions for the rehabilitation of eco-sustainable urban homes in vulnerable areas.
About Land Life Company
Land Life Company is a technology-driven reforestation company that plants trees at scale, offering corporations and organizations a sustainable and transparent way to take climate action and compensate carbon emissions through nature restoration. With a mission to help restore the 2 billion hectares of degraded land in the world, Land Life Company applies data and technology, such as drones, artificial intelligence and monitoring applications, to every step of the planting process. Planting trees where it is needed most, Land Life Company’s projects revitalize important ecosystems, improve biodiversity and create social and economic benefits to local communities. It’s impact you can see.
About Sylvestris Group
Grupo Sylvestris is a social company focusing in forests and rural development that generates employment for people in vulnerable situations. Created in 2013 by two forestry engineers, Enrique Enciso and Francisco Martínez, it has three business lines: sowing and plantations, unique gardening in cities and environmental consulting. Its mission is to fill the world with trees, achieve a greener and healthier environment, counting on the work of disadvantaged people, at risk of exclusion. Repsol Impacto Social has a 21.39% stake in Sylvestris.