Creating a sustainable world with FinTech

Written by: Annelle Tayao-Juego 

Responsible for providing ecosystems that keep our world healthy, forests and its priceless contribution to our continued existence have been celebrated every year on March 21, the International Day of Forests, after this was established by the United Nations General Assembly in 2012 to raise awareness on the importance of conserving all types of forests to achieve environmental sustainability. 

Coming out of the pandemic has only served to further emphasize to everyone how important it is to preserve our natural environment–to promote and implement sustainable management and use of resources in order to combat climate change, and to contribute to the prosperity, health, and well-being of current and future generations.

In the FinTech industry, GCash has been a pioneering force in sustainability since 2019, through its GForest feature: a unique function that “allows users to reforest the Philippines, one tree at a time.”

“At GCash, we always take extra steps to utilize our resources and join our customers in realizing our sustainability vision. Aside from our ‘Finance for all’ vision, GCash also aims to raise awareness on reducing carbon footprint, to leave a positive effect on biodiversity,” says GCash president and CEO Martha Sazon.

For every cashless transaction or eco-friendly activity done via GCash, users can gain green energy points under GForest. These points can then be used to plant virtual trees, which GCash matches with physical tree-planting on the users’ behalf. 

As of 2023, GCash has already planted 2.2 million trees, thanks to its users, which, as Sazon points out, already contribute a great deal to the company’s sustainability efforts by maximizing GCash digital financial services. The green energy points are accumulated through transactions such as bank transfers, sending money, paying bills, and purchasing load, which has a domino effect: Carbon footprint is greatly reduced since the use of paper is removed, and there is no need to commute or use additional electricity to manually accomplish these financial transactions.

“All of GCash’s efforts through GForest are in support of the UN’s Sustainable Development Goals (UN SDGs), as we continue to sustainability at the forefront of our business in pursuit of financial inclusion and providing better lives for millions of Filipinos,” Sazon says.

According to GCash sustainability head CJ Alegre, these efforts are done through a scientific manner, with the company commissioning, in 2019, the China Beijing Environmental Exchange (CBEEX) to compute the carbon emission of manual transitions that want to convert to digital transactions. “This is one of our ways to provide a high level of usability by conforming to best sustainability practices and international evaluation methods,” Alegre says.

As of this year, GForest has grown its user base to 12.5 million, making it one of the biggest digital environmental movements in the Philippines. By the end of 2023, GCash aims to raise the number of its planted trees to 2.3 million.

To involve more groups in its sustainability efforts, GCash has partnered with the like-minded global and local nongovernment organizations (NGOs) who likewise use industry standards in sustainability, and  are equipped with the right tools and best practices. Two of these partners are the United States Agency for International Development (USAID) Fish Right and Culion Foundation, Inc., which established with the company the GForest Mangrove Rehabilitation Project. 

The program targets to plant 125,000 mangrove trees in eight barangays in Culion, Palawan. Mangrove trees provide livelihood to communities as they attract a large population of fish and other seafood and act as a natural shield against ecological disasters such as erosion and storm surges, therefore, protecting the shoreline and coastal areas in the province.

“With the help of GCash, Filipinos can now be part of the restoration of mangrove forest, which is a very unique and essential wetland ecosystem in Palawan. We look forward to more partnerships with GCash as we aim to help build an environmentally sound nation,” USAID mission director to the Philippines Ryan Washburn says.

With fruit-bearing and native trees vital to build more resilient forests, as well as for food security and production of valuable commodities, GCash forged a partnership with the Ramon Aboitiz Foundation Inc. (RAFI) and has planted a mix of 600,000 native fruit-bearing trees and timber, covering 730 hectares of forestland in Carmen, Cebu, over the last two years benefiting 200 landowners and farmers, and engaging 189 indirect beneficiaries.

“We can build a greener Philippines and support the future of our partner farmers and their families. Together, we are taking steps towards enabling resilient, prosperous, and vibrant communities,” says RAFI president and CEO Amaya Cristina Aboitiz-Fansler.

GCash’s partnership with Bantay Kalikasan of the ABS-CBN Foundation has seen about 88,000 seedlings planted in the La Mesa Watershed as part of the “Save the La Mesa Watershed Project,” and the foundation’s 22 years of longstanding reforestation and protection of the watershed, which is the primary source of drinking water for Metro Manila’s population of over 12 million. The seedlings include Lago and Lipote trees, which are known to help treat heart diseases, and are suitable materials for making furniture, cabinets, plywood, and containers that preserve jellies, wine, pickles, and beverages.

“By using GCash and GForest, making a positive and impactful difference is now easier, and more convenient,” ABS-CBN Foundation managing director Roberta Lopez Feliciano says.

As the second largest coconut producer in the world, the Philippines also puts a strong focus on modernizing and optimizing the coconut industry. To this end, GCash, together with Century Pacific Food Inc. (CNPF), has launched HOPE coconut trees on GForest with the aim to plant one million coconut trees in the provinces of South Cotabato and Sarangani, Mindanao, within two years. To date, they have distributed over 100,000 seedlings to over 10,000 smallholder farmers in the region. Aside from better farming productivity and profitability, the locals also get the benefit of improved health as coconut is rich in fiber, protein, carbs, vitamins, and minerals that are essential in many functions of the body.

Through this initiative, HOPE chair and president Nanette Medved-Po says that more Filipinos will be encouraged to preserve the environment while helping to support the coconut farming community. 

“The program enables us to provide better livelihood opportunities to the coconut farming community in Mindanao and at the same time, improve coconut farming productivity and quality of supply, which are all beneficial to the country’s growing coconut industry. We are proud and thankful to have GCash as our partners and for giving us an opportunity to help create a more sustainable economy and to leverage cashless technology,” adds CNPF Coconut Division vice president and general manager Noel Tempongko.

It comes as no surprise, then, that GForest has received multiple local and international accolades such as Miss Earth Eco Awards, Asian Technology Excellence awards, ACES awards, and the WWF corporate partner award.

“Together with its partners, we continue to prove that leveraging fintech with creative sustainability is achievable,” Sazon says. “All Filipinos can become ‘green heroes’ through GCash, as we continue to serve as a socially responsible sector that can create a better future for all.”

For more details, refer to www.gcash.com

ADVT