VANCOUVER, BC, April 25,
2023 /CNW/ - Klimat X Developments Inc. ("Klimat
X" or the "Company") (TSXV: KLX) which 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 it has 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 is actively conducting
fieldwork to establish project size and feasibility.
![Klimat X logo (CNW Group/KLIMAT X Developments Inc.) Klimat X logo (CNW Group/KLIMAT X Developments Inc.)](https://mma.prnewswire.com/media/2062565/KLIMAT_X_Developments_Inc__KLIMAT_X_ANNOUNCES_BINDING_CO_OPERATI.jpg)
- The Agreement identifies 2 initial mangrove carbon credit
projects in the Coronie and Commewijne Districts (the 'Projects')
covering at least 3,000 ha, which will be led, structured, and
managed by Klimat X (the "Company") while exploring for other
project sites.
- Since the signing of the Agreement in December 2022, a team led by the Company team has
conducted extensive due diligence and scoping to optimize and
de-risk the projects.
- On April 24, the Klimat X
technical and field team, led by Dr. Steve
Crooks from Silvestrum Climate Associates commenced
fieldwork in Suriname to establish the technical foundations for
measuring greenhouse gas emissions reductions.
- Building on the previous expeditionary trips, the team is
working to evaluate the potential immediate and long-term
greenhouse gas benefits from mangrove conservation and restoration
from the projects.
- Degraded mangroves with impaired hydrology can be a significant
source of methane, which is a potent greenhouse gas, and the team
will be directly measuring these emissions during the fieldwork.
Interventions that restore the natural hydrology of the project
sites can dramatically reduce methane emissions, generating
significant volumes of carbon credits.
- Klimat X is also in active discussions with two significant
international organizations (and prospective partners), already
active in-country, to assist with elements of both civil
engineering and community work that are likely to be needed in the
successful delivery of the projects.
- Klimat X remains grateful to the Faculty of Technical Sciences
at the University of Suriname for their continued insights and
support for the Projects and hopes a relationship of mutual benefit
will continue to strengthen with Company investment in capacity
building.
CEO, Dr. James Tansey comments,
"Mangroves play a critical role in regulating climate change and in
protecting coastlines from storms and sea level rise. This latest
jurisdictional agreement builds on the model we have established in
other countries including Mexico
and Sierra Leone. We will be able
to invest in the protection and restoration of these mangrove
areas, reducing emissions of carbon and methane on an unprecedented
scale. As recently announced, there is strong interest from buyers
in these projects."
Background
Klimat X, through its controlled subsidiary, Pomeroon Trading
(Holdings) Limited ('PTHL'), has entered into a legally binding
co-operation agreement (the 'Agreement') with the Government of the
Republic of Suriname. The Agreement outlines details of the
co-operation agreed between the parties with regard to the
protection, preservation, and rehabilitation of mangroves in
Suriname, including the qualification of these projects for
voluntary carbon credits and the subsequent sale and marketing of
those credits. The background to the agreement acknowledged
the globally leading significance of the Republic of Suriname as
one of only three net negative carbon emitters globally, and the
commitment of its people and Government to protecting and restoring
its considerable natural endowment. Suriname has approximately
100,000 ha of mangroves, which provide critical biodiversity
habitat and protect the coastline from floods and sea level rise.
Following the completion of the current period of fieldwork,
the Company will provide estimates of the potential scale of the
carbon credit production from these interventions. Klimat X will
work directly with large buyers to fund the completion of the
project through a pre-purchase or investment agreement.
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 landowners 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
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SOURCE KLIMAT X Developments Inc.