/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.
Reader Advisory
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.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES, AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT
BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO
U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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.
