VANCOUVER, BC, Sept. 27,
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 its
participation in a ground-breaking ceremony in Suriname alongside
his Excellency, C.H. Santokhi, President of Suriname. The occasion
was marked by an inaugural tree planting ceremony, which included
the presence of key District Commissioners, Government Ministers,
and other representatives.
James Tansey, CEO of Klimat X
commented, "We are honoured to be part of this ceremony that serves
to demonstrate the mutual commitments we share with our
jurisdictional partners in Suriname. Since 2017, Klimat
X and Pomeroon have been active in this region. Many people
are not aware that Suriname is a net negative carbon emitter nation
and has huge potential to generate carbon credits from mangrove
restoration and conservation. James continues, "this type of
project can generate 500-1000 tons per hectare with tens of
thousands of hectares of potential and we see many mutual and
intertwined benefits from this enhanced partnership with the
Government of Suriname:
- Further enhancement of the country's reputation for world
leading investment in sustainable farming and nature-based carbon
credit generation with a commitment to community and local benefits
stemming from large nature-based mangrove projects.
- The introduction and application of cutting edge technology,
Tree Counter™ , a pool of proprietary machine learning
tools developed in partnership with the University of Copenhagen to count every individual
tree on projects and measure every kilogram of carbon
sequestered.
- Supporting the execution, quality, and traceability of the
Company's operations through."
Highlights
- Klimat X continues to work on data gathering and analysis for
mangrove protection and restoration activities in both Coronie and
Commeweijne Districts covering 30,000+ hectares.
- Following 6 months of fieldwork, the Company aims to submit two
draft Project Design Documents for pipeline listing with Verra by
Q4 2023.
- All Company activities will be supported by Tree
Counter™ using ground-breaking remote sensing and
AI enhanced data processing from the University of Copenhagen to monitor every tree
planted and protected in Suriname.
- Through Klimat X subsidiary, Pomeroon Suriname N.V. the Company
launches sustainable agriculture operations in Suriname and
formally opens its farm.
- The Company has commenced both coconut seedling nursery setup
and tree planting on a 3,000-acre farm site in the Coronie
District. ('Coronie')
Background
On 30 September 2022, the Company
entered a Memorandum of Understanding ('MOU') with the Government
to pursue two country-wide initiatives:
- The development of mixed agro-forestry and carbon offset
projects to be planted with coconut and hardwood trees in an
environmentally friendly manner. More recently, a 3,000-acre site
for long term company utilisation has been confirmed.
- The restoration and rehabilitation of mangroves along the
coastline of Suriname with their key existing partner and global
expert in blue carbon– Silvestrum Climate Associates – KlimatX has
deployed several field teams to Suriname throughout 2023.
- On 21 December 2022 the parties
entered into two binding co-operation agreements further detailing
the terms of the proposed activities and investment in each
area
- This enabled the Company to commence investment in early 2023
and over USD500K has already been
invested including on soil and ground analysis and testing,
mapping, data gathering and establishment of a local office and
team.
- On April 24, 2023 the company
announced it had signed a binding agreement with the national
government of Suriname to develop mangrove carbon credit
and agroforestry projects. The Company has built a
presence in Suriname and has been actively conducting fieldwork to
establish project size and feasibility.
- Beyond job generation and employment, the Company expects to
invest in, and undertake projects and initiatives in areas
including education, climate smart agriculture and female
empowerment and has a proven track record in doing so.
About Pomeroon
The Pomeroon group of companies were formed in 2017 with an
initial focus on sustainable agriculture and coconut farming in
Guyana. Since inception they have
been mission driven, for profit corporations focussed on climate
smart agriculture and more recently on nature-based carbon
projects. They are controlled subsidiaries of KlimatX.
About Carbon Done Right and Tree
Counter™
The Carbon Done Right methodology and technology company Tree
Counter™ can provide analysis-ready data and
results maps and statistics. Metrics can be at plot level, stand
level, ecosystem level or at a national or continental scale. For
Governments or developers. They have a world leading AI dataset
that provides unprecedented insights into forest change and carbon
capture at the individual tree level, with advanced deep learning
models. Tree Counter is a nature monitoring technology intended to
revolutionize the monitoring, reporting, and verifying of nature
with expertise. The company's cutting-edge analytics platform
covers all nature-based solutions, including forestry, regenerative
agriculture, rice methane, grassland management, and blue carbon.
Providing small holder carbon project developers and natural
capital investors, and governments with real-time verification of
co-benefits and monitoring of potential leakage, double counting,
permanence, and additionality of environmental
interventions.
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.
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.
SOURCE KLIMAT X Developments Inc.