VANCOUVER, BC, May 30, 2023
/CNW/ - Klimat X Developments Inc. ("Klimat X" or the
"Company") (TSXV: KLX) 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 provide an update on
current activity from fieldwork in Sierra
Leone and Suriname.
The Company has completed initial fieldwork supporting the
previously announced Suriname mangrove project under an agreement
with the Government of Suriname. Extensive fieldwork, sampling from
around 100 sites indicated that the mangroves are currently
producing methane due to lower salinity levels. A project that
restores natural salinity levels would reduce this highly potent
greenhouse gas and could potentially generate significant volumes
of carbon credits. The Company expects to announce the results of
this modelling work within the next 4 weeks.
In Sierra Leone, the company is
preparing for the planting season for the Sierra Leone Rewilding
project and expects to plant 200 ha by the end of June and at least
800 ha by the end of the rainy season. The indigenous species'
seedlings for this year's planting will be secured through a
combination of owner operated nurseries and local nursery partners.
The Company expects to finalize the investment by a large corporate
buyer in June as announced in the term sheet on April 17, 2023. This within the original
timeframe anticipated to pre-purchase credits from the first 5,000
of planting in Sierra Leone.
Klimat X has completed the latest extensive period of fieldwork
in the mangrove project site in the Scarcie Estuary in Sierra Leone. Led by Silvestrum Climate
Associates, the fieldwork focused on understanding the theory of
change that establishes the additionality case for a carbon project
and is based on interviews and research with the communities within
the degrading mangrove area. The fieldwork also significantly
improved the underlying model of soil and above ground biomass
production and carbon storage in the mangrove ecosystems, which is
key for understanding the total carbon production from the
conservation of the project site. This latest round of fieldwork is
key to completing the draft Project Documentation necessary to
secure pre-purchase agreements.
The Company planted around 14 hectares of black and red
mangroves in late 2022 within test sites and continues to record
strong growth within those areas. A nursery has been established
and based on the results of the 2022 test planting, the Company
expects to be able to complete 300ha planting of mangrove
propagules and seedlings between September and December 2023.
Dr. James Tansey, CEO of Klimat X
stated 'Our approach has always been to build our pipeline of
carbon credit projects based on the best available science, with a
strong commitment to community engagement and benefits sharing. The
results of this last month of fieldwork demonstrates the strength
of our team and the scalability of our approach to jurisdictional
carbon credit projects.'
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 in 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.
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 scale and
productivity of the company's project sites 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
field based research that will be subject to independent validation
resulting in productivity estimates that may be revised up or down
in the future. 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.