After more than 90 years in the Gabonese oil sector, the company TotalEnergies has decided to expand its investments in the forestry sector. The company has just acquired 49% of the shares of the Compagnie des bois du Gabon (CBG), it informs in a press release made public on June 15, 2022. Certified Forest Stewardship Council (FSC), the CBG manages 600 000 hectares of forest in Gabon, we learn.

 “The forest management model that will be carried out by the two partners will make it possible to develop a new balance between, on the one hand, the production of locally processed sustainable wood combined with carbon sequestration and, on the other hand, the production of credits. associated carbon, thanks to the reduction of the impact of forestry activities, reforestation, agroforestry and the conservation of natural forests”, explains TotalEnergies.

According to the oil company, these operations follow an approach of sustainable and integrated economic development of spaces with local communities. “TotalEnergies plans to devote 100 million dollars per year to build a portfolio of projects capable of generating at least 5 million tonnes of CO ₂ carbon credits per year by 2030”, indicates the company. It specifies that these carbon credits will be used after 2030 to offset the group’s direct greenhouse gas emissions. In particular, the energy used in drilling or refineries.

This new model is part of the “Green Gabon” vision , as well as the country’s development strategy put in place for the sustainable management of its natural resources for the benefit of the population, and in the country’s climate policy. In this context, Gabon is currently working on its energy transition with a system that is more respectful of the environment.

According to the leaders of TotalEnergies, the oil company will develop these new activities while remaining active in its traditional businesses in Gabon. Namely, oil exploration and production.