It doesn't actually look like the two pairs are connected at all. Typically in a punch down block the connections are made horizontally - not vertically.
If I'm right - you don't need this at all.
If I'm wrong (some phones won't work) - YES, just tie the green to green, and red to red.
JW is right- in that block the connections are horizontal. Different wires vertically would be different lines, not extensions on the same line. My guess is that you don't need that block unless there are wires we can't see coming in behind the block that are connected on the left
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I've been disconnecting a bunch of unused lines from this in the basement, and I'm down to these two pairs of red and green.
Does this box do anything other than connect the two pairs? Can I just splice the ends together and get rid of the box completely?