Spanish infrastructure group Ferrovial has been awarded the "Compenso" ("I Compensate") seal by the Spanish government’s Office for Climate Change for planting 4,000 trees to offset its greenhouse gas emissions.
The three-year project completing in 2021 will see 7.7 hectares of denuded farmland reforested in the Torremocha de Jarama municipality of Madrid.
Over 50 years, this new forest will absorb close to 2,000 tons of CO2, the company said.
Funded by Ferrovial, and overseen by natural engineering group, Sylvestris, 10 local people were hired to plant the trees.
"The only thing they [Ferrovial] get out of this reforestation are the CO2 absorption rights," said Enrique Enciso Encinas, founding partner of Sylvestris.
"Everything else remains the property of Torremocha Town Council and the members of its community."
Ferrovial aims to cut its greenhouse gas emissions by 32% by 2030 and to achieve carbon neutrality by 2050.
Image: The project will see 7.7 hectares of denuded farmland reforested in the Torremocha de Jarama municipality of Madrid
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“Co2 absorption rights” – does this mean there might be other non-carbon neutral work that would negate a net benefit from the new trees?