VANCOUVER, BC, Aug. 22,
2023 /CNW/ - Klimat X Developments Inc. ("Klimat
X" or the "Company") (TSXV: KLX) a company in 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 completion of
the first 400 ha of planting under its West African rewilding
programme.
The company anticipates completing a total of 1000 ha of
planting this season under the agreement with a Fortune 100 company
to pre-purchase carbon credits that was signed in April 2023. Planting has continued at a
consistent pace since the first disbursement of funds was received
in August, and Klimat X anticipates meeting the second set of
milestones in time for the disbursement in Q3 2023. By
the end of the planting season, it is expected that the company
will have planted 1400 ha of native species over the course of 12
months, established a mangrove nursery and planted test sites for
direct planting of mangroves covering 14 ha. The company remains on
target to be able to plant up to 300 ha of mangroves in Q4
2023.
Mangrove and tropical forests produce 10-15 tons of carbon
credits per hectare. Credits from forest and mangrove restoration
projects attract a premium and have been sold at USD$15-30 per ton. A recent auction on
Singapore's CIX achieved USD
$27.80 per ton1.
CEO, James Tansey states, 'Klimat
X is building a strong presence across West Africa and anticipates it will complete a
draft Project Development Document (PDD) for mangrove restoration
in Q3 of 2023, which will be a trigger for a competitive process to
secure further pre-purchase and offtake commitments. He
continues, 'Our team has demonstrated their ability to plant at a
rapid pace, bring employment and revenue opportunities to
smallholder communities across West
Africa. Our commitment to quality, transparency and strong
community engagement has allowed us to attract some of the largest
buyers in the carbon market.'
About Klimat X
Klimat X is in 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
Company 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.
______________________________
1
https://www.climateimpactx.com/auctions#:~:text=In%20November%202022%2C%20CIX%20and,at%20USD%20%2427.80%20per%20tonne.
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 planting,
growth and potential carbon credit production from the company's
West Africa projects 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 delivery of carbon credits under the pre-purchase
agreement 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.