- Klimat X Developments Inc.
KLIMAT X LEADING NEW PRIVATE SECTOR JURISDICTIONAL APPROACH AT (COP) CONFERENCE OF PARTIES EGYPT
Updated: Feb 10
/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Nov. 17, 2022 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Corporation") (TSXV: KLX) is pleased to announce it is making significant progress with a jurisdictional approach led by the private sector at the annual Conference of Parties (COP) to the Paris Climate Agreement in Egypt.
Beginning on the 6th of November, global leaders gathered in Egypt as part of the annual Conference of Parties (COP) to the Paris Climate Agreement. This is the major forum for negotiating national and international commitments to climate change. The Klimat X team is represented by Kevin Godlington, Director of African Operations, who is participating as part of the national delegation from Sierra Leone.
Leaders from developing countries around the world have expressed their frustration with the lack of financial commitments under the multinational Paris Agreement. After more than a decade of negotiations and unfulfilled commitments to $100bn in funding, leaders in the developing world are increasingly looking for private finance to fill the gap as companies that are seeking to meet Net Zero commitments mobilize capital in the market. GFANZ, an umbrella group led by Mark Carney represents over 550 companies that represent over $150tn of assets have been vocal in pressing for voluntary markets to respond to the challenge of financing carbon credits around the world.
Klimat X has committed to almost 60,000 hectares of reforestation in the country of Sierra Leone and is developing a large scale programme for restoring degraded mangrove areas along the coastline covering tens of thousands of hectares. The company negotiates very large scale jurisdictional agreement with national or sub-national governments modelled on our projects to date in Sierra Leone, Guyana and the State of Yucatan, Mexico covering hundreds of thousands of hectares of nature based solutions. The company is currently evaluating large scale investment agreements with some of the largest buyers of credits in the world and is increasingly being recognized as one of the few public market platforms for funding nature based solutions at scale.
Our delegation to COP met with government leaders from developing countries with high potential to conserve and restore forest and mangrove assets. The company strengthened its commitment to working with national and sub-national jurisdictions in Sierra Leone and established a number of new jurisdictional agreements, which will be announced in the coming weeks.
Dr James Tansey, CEO of Klimat X commented 'We have reached a point where many developing countries have lost faith in the government led system and are looking to the private sector to accelerate investment in Nature Based Solutions. Given the scale of commitments made by Net Zero companies and the anticipated fifteen fold growth in the size of the carbon credit market by 2030, we believe our approach will help accelerate investment into forest and mangrove conservation and restoration'
About Klimat X
Klimat X carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. In contrast to streaming and royalty companies, Klimat X works upstream as a direct owner and operator of projects, addressing a key supply constraint the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Corporation intends to achieve 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. Klimat X will draw on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. Klimat X plans to deploy capital at risk under various arrangements (including cooperation, assignment and production sharing agreements) with large land-owners and governments in various suitable jurisdictions around the world.
The TSXV has in no way passed upon the merits of the Acquisition or the Project Rights Assignment Agreement and has neither approved nor disapproved the contents of this news release.
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 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 Acquisition and the ongoing business of the Corporation. 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. 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.
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This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
SOURCE KLIMAT X Developments Inc.
For further information: Klimat X Developments Inc., James Tansey, Suite 390, 1050 Homer Street, Vancouver, British Columbia V6B 2W9, Phone: 1-604 562 4546