VANCOUVER, BC, Jan. 08, 2025 (GLOBE NEWSWIRE) — Carbon Done Right Developments Inc. (“Carbon Done Right” or the “Company”) (TSXV: KLX) (FSE: Q1C) a leading provider of high-quality carbon credits sourced exclusively from reforestation projects developed and owned by the Company, is pleased to announce the completion of the formal third party validation of the Company’s first large scale carbon credit project in Sierra Leone and final submission to the Verra Registry. This allows the Company to begin to issue carbon credits through the Verra Registry.
Carbon Done Right CEO James Tansey stated ‘Our investment is one of the first projects in the world to be validated under the new Verra VM0047 protocol for nature-based restoration projects. The new protocol, released in late 2023, establishes the highest standards for carbon credit production, so this is a major milestone for the Company. The project was independently validated by Earthood, one of the leading validators in carbon markets. This audit validation process provides independent assurance about the quality of the project, the volumes of carbon stored in the trees we are planting and the legal framework covering carbon rights and community engagement. The positive outcome of the validation reflects the strength of the in-country team’s commitment to transparency, excellence and community engagement.’
- The Company has secured a previously announced long term offtake for the majority of the tonnes produced by the project over the first 20 years;
- The Company has completed a third season of planting in Sierra Leone and with the end of rainy season is shifting the focus to maintenance and fire management;
- The Validation is likely to increase interest from carbon market investors since the planting area can be expanded significantly under this approval;
- The Sierra Leone Rewilding project can be expanded to at least 25,000 ha of planting producing over 10 million tonnes of carbon credits at that scale;
- The Company announced the launch of a private placement in December, 2024 and has made strong progress to date, with the expectation of a final close later in January 2025.
The Company is developing a large-scale rewilding reforestation project in Sierra Leone over an initial area of 5,000 ha, with the aim of extending by at least 20,000 ha. The initial project area of 5,000 ha could produce up to 1.7m tonnes of validated and verified Verra carbon credits over 30 years.
About Carbon Done Right
Carbon Done Right 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. Carbon Done Right 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
For further information please contact:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Email: james.tansey@klimatx.com
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. 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 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 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.
