VANCOUVER, BC, Jan. 8, 2024 /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 the completion of all milestones required for the third disbursement under the pre-purchase agreement announced on the 14th June, 2023.
Klimat X CEO James Tansey stated 'This third milestone demonstrates the successful progress with our operations in Sierra Leone and our commitment to delivering high quality carbon credits. Our decision to switch to the new restoration protocol, announced by Verra in late 2023, will ensure our projects are aligned with our aspiration for high integrity credits and we do not expect this change will create any significant delays. Our team is very busy managing the 2023 plantings and preparing for an increase in planting activity in 2024.'
The company has completed 1,000 ha in the 2023 planting season and has submitted the Project Design Document (PDD) for final approval with an independent validation company.
Verra, the global registry for carbon projects released a new protocol VM0047 in September 2023 that improves the monitoring of carbon projects. While the Company could have proceeded under the old protocol, the decision was made to transition to the new protocol to ensure the highest standards of certification.
The Company is also developing a new technology platform called Carbon Done Right, which provides unprecedented transparency and traceability for restoration projects connecting smallholder farmers with a system that is designed to ensure the value created from the sales of carbon credits is shared fairly with land owning families.
All land owner agreements have been overseen by an independent party which verifies that the agreement meet the conditions of Free Prior and Informed Consent.
The company is developing a large-scale rewilding reforestation project in Sierra Leone, for an initial area of 5,000 ha, which can be extended by a further 20,000 ha. The initial project area of 5,000 ha will produce up to 1.9m tonnes of validated and verified Verra carbon credits over 30 years. The total pre-purchase amount will be repaid through the delivery of validated and verified carbon credits to the pre-purchaser.
The Company has mapped and verified almost 20,000 ha of land for restoration and is working with an NGO, Namati to ensure land owner agreements are concluded under independently observed Free and Prior Informed Consent. There are large areas of degraded land that could be restored under this same model and the Company is pursuing a mangrove restoration and conservation project covering up to 10,000 ha.
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 Sierra Leone, Yucatan, Guyana and Suriname.
On behalf of the Board of Directors
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: Please contact: Klimat X Developments Inc., James Tansey, Chief Executive Officer, Email: email@example.com