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
"James Tansey"
James
Tansey
Chief Executive Officer
http://www.klimatx.com
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.