VANCOUVER, BC, March 8,
2024 /CNW/ - Carbon Done Right Developments Inc.
("Carbon Done Right" or the "Company") (TSXV: KLX) (FSE:
Q1C) formally Klimat X Development Corp. a company that
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, is pleased to announce the
Company's intention to acquire London Carbon Exchange "LCE" in an
all-share transaction for the equivalent of USD450,000 issued in shares at the date of the
next placing, concurrent with the dual listing of the Company on
the London Stock Exchange Alternative Investment Market ("AIM").
Combined with the recently announced launch of the highly
innovative Carbon Quantification System (CQS™) that provides
unprecedented transparency into carbon credit transactions this
will further strengthen the Company's commitment to the rapid
growth of investment in large scale carbon credit restoration and
conservation projects on degraded and threatened land.
- The Company has agreed to acquire the London Carbon Exchange, a
fully developed blockchain and enabled carbon trading platform in a
share transaction from Supernova Digital Assets Plc. The platform
is designed to serve three pivotal roles within the
blockchain-enabled carbon trading ecosystem:
- Transparency, Traceability, and Verification of Carbon
Credit Transactions: The primary function of the platform
is to ensure complete transparency and traceability of Carbon
Credits (CCs) obtained by Carbon Done Right's clients. This
includes both the potential for immediate investment into the cost
of carbon credit production and contracts for future credits that
will belong to the customers. By leveraging blockchain technology,
every transaction is meticulously recorded on a
decentralized ledger, guaranteeing the origin,
ownership, and complete transaction history of each credit is both
verifiable and immutable.
- Decentralized Marketplace for Carbon
Credits: The second role of LCE is to establish a
decentralized marketplace for the trading of current
and future credits. Leveraging smart contracts, the platform will
automate the matching of supply (sellers) and demand (buyers) in
the carbon credit market. This will facilitate a seamless, secure,
and efficient trading environment, reducing the need for
intermediaries and enhancing market liquidity.
- Tokenization and Trading of Carbon Credits: LCE will
also introduce a mechanism for the tokenization of purchased
credits that have not yet been retired, as well as for the
pre-retirement trading of future credits. By representing the
credits as digital tokens on the blockchain, LCE is intended to
enable customers to trade these tokens in a secondary market. This
will provide flexibility for customers to manage their carbon
offset portfolios, allowing them to sell or exchange tokens
representing their credits before the actual retirement of the
credits, thus enhancing liquidity and price discovery in the carbon
market.
- The newly expanded company will combine a strong track record
in carbon credit nature-based project development covering four
jurisdictions around the world, with a unique 'tree to trade'
technology that brings the concept of radical transparency to bear
on opaque carbon markets. The platform will allow for real time
tracking of the growth and performance of restoration and
conservation areas using the AI and machine driven Tree Counter™
technology, developed in partnership with the University of Copenhagen.
- The combination of LCE with CQS will significantly expand the
market reach of the Company, meeting the needs of a wide range of
corporate buyers for greater transparency and increased risk
management over their purchases, as well as allowing for earlier
investment into the land base for carbon credit production.
The Company has built a strong track in Sierra Leone, Suriname, Guyana and Mexico in restoring and conserving highly
productive tropical forest and mangrove ecosystems. The most
advanced model, in Sierra Leone,
aggregates land leases from smallholder farmers who own
unproductive degraded land and undertakes large scale restoration
projects to plant a broad mix of native tree species. Land leases
are secured under independently monitored Free and Prior Informed
Consent rules. The Company has planted 1400 ha of forest to date
and 14 ha of mangrove and has a previously announced pre-purchase
agreement in place with BP Carbon Trading to plant a minimum of
5000 ha that will produce up to 1.9 million tonnes of carbon
credits over 30 years.
CQS tracks each individual tree at the time it is planted and
combines proprietary AI and ML models, drone and satellite data to
provide unprecedented levels of transparency into the health and
growth of the natural assets. 'Radical Transparency' means that
buyers can access the underlying smallholder contracts and have
increased confidence about the equity of the benefit sharing
agreements in place to significantly improve rural livelihoods in
some of the poorest regions in the world. The 'tree to trade'
technology will ensure smallholders are paid promptly and
directly.
The Company intends to expand operations in Sierra Leone beyond the areas that have been
secured to date and will transfer the same model to other countries
across Africa, starting in
Ghana and Liberia. Approximately 90% of land suitable
for restoration in Africa is held
by smallholders.
About Carbon Done Right
Developments Inc.
'Carbon Done Right' is a technology enabled rainforest planting
company that 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. Carbon Done Right
works upstream as a direct owner and operator of projects,
addressing a key supply constraint in the current market and the
rapidly growing demand for carbon credits in global voluntary and
regulated markets. 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. Carbon Done Right draws 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. The company deploys capital at risk under various
arrangements (including cooperation, assignment, and production
sharing agreements) with large landowners and governments in
various suitable jurisdictions around the world.
On behalf of the Board of Directors
"James Tansey"
James
Tansey
Chief Executive Officer
"Kevin Godlington"
Kevin Godlington
President
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
acquisition of London Carbon Exchange and the ongoing business of
the Company. Carbon Done Right 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 Carbon Done Right including expectations and assumptions
concerning the Company and the performance, market barriers,
regulatory review requirement and functionality of the London
Carbon Exchange. 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 Carbon Done Right . 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 Carbon Done
Right 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.