VANCOUVER, BC, Dec. 5, 2023 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) (FSE: Q1C) a leading provider of high-quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the Company and its stakeholders, is pleased to announce that company Co-Founder, Kevin Godlington will participate in the COP28 conference in Dubai within the 'blue zone', typically restricted to only UNFCCC-accredited participants such as world leaders and government delegates. It hosts the formal negotiations across the two weeks of the conference, as well as the World Climate Action Summit, the country pavilions and presidency events. This participation allows the company full access to the Conference of Parties with the goal of showcasing the Company's leadership in forest and mangrove conservation and restoration projects. The Company is actively seeking partnerships in new jurisdictions to expand its pipeline of projects.
The COP meeting will seek to advance trading mechanisms under Article 6 of the Paris Agreement, which will build a market for government-to-government trading of carbon emissions reductions.
The Company's current commitments, covering over 50,000 ha of forest restoration and at least 50,000 ha of mangrove conservation are well advanced. To date, the Company has planted almost 1500 ha of forest restoration and has mapped over 20,000 ha of land owned privately by smallholders
The first 5000 ha of restoration is expected to generate approximately 1.9 million tonnes of carbon credits over the project lifespan. The full project area identified to date have the potential to produce over 35 million tonnes of carbon credits based on modelling completed to date
Under the leadership of Kevin Godlington, the Company is developing a new quality assurance system called 'Carbon Done Right' using advanced technology and applications of artificial intelligence to create a traceability system that provides best in class transparency for buyers, smallholders, and government within the carbon credit supply chain.
Participation will allow the Company to pursue opportunities to develop projects in other jurisdictions that supports investments that create long term revenue streams for smallholders and produce the highest quality of carbon credits.
The Company has surveyed and verified almost 20,000 ha of land for restoration to date through a comprehensive Participatory Mapping process. An NGO, Namati, is acting on behalf of the landowners and preparing land lease agreements through a collaborative Free and Prior Informed Consent process.
Klimat X CEO, James Tansey commented 'Our participation at the highest levels of COP28 demonstrates the company's leadership as a global, large scale carbon project developer. Our commitment to quality, transparency and traceability will continue to advance our leadership in providing scalable solutions to climate change, while also providing equitable incomes to some of the world's poorest people.'
About Klimat X
Klimat X is an owner and operator of nature-based carbon assets that serves the growing demand for carbon credits from companies seeking to meet their net zero goals. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. The Company's dedication to environmental stewardship and its robust pipeline of carbon credit projects makes it a trusted partner to the largest buyers of carbon credits in the world, in the fight against climate change. Klimat X deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with government engagement in various suitable jurisdictions around the world including West Africa, Yucatan, Guyana and Suriname.
On behalf of the Board of Directors
"James Tansey" James Tansey Chief Executive Officer
Cautionary Note Regarding Forward Looking Statements
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements and forward-looking information (collectively "forward looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the Offering and the ongoing business of the Company. Klimat X cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Klimat X including expectations and assumptions concerning the Company and the need for additional capital by the Company through financings, and the risk that such funds may not be raised. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Klimat X. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Klimat X does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
For further information: Klimat X Developments Inc., James Tansey, Chief Executive Officer, Email: firstname.lastname@example.org, http://www.klimatx.com