Makoto Sato, General Manager of Marubeni's Global Environmental Projects Department, and Emmanuel Ze Meka, ITTO Executive Director, signed an Agreement on 29 July 2011 at ITTO Headquarters in Yokohama, to conduct a REDD+ feasibility study in the State of Acre, Brazil. The initiative is funded by the Ministry of Environment of Japan and counts with the support of various partners, including the Acre Institute for Climate Change and Regulation of Environmental Services (IMC), the Brazilian Biodiversity Fund (FUNBIO), and others. The feasibility study will analyze the potential of obtaining forest carbon credits in selected areas of the Acre State covering approximately 870,000 ha of tropical forests.