DGB Group N.V. ("DGB" or "the Group") (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, provides an update on its agreement with a leading car manufacturer ("the Client"), which was signed on 30 October 2023.
The agreement granted the Client exclusivity and the option to acquire carbon units from DGB's esteemed Bulindi Chimpanzee Habitat Restoration Project, to be verified under Gold Standard number GS 12226 (the "Project"). The commitment followed the announcement that the Project would be featured in the BBC's upcoming 'Planet Earth III' documentary series, narrated by David Attenborough. The episode spotlighting the Bulindi Chimpanzees aired in the UK on 19 November 2023, with further broadcasts scheduled across various European regions thereafter.
Initially, the agreement stated that the exact volume for purchase was to be confirmed by 31 December 2023. DGB offered an extension on the option to 31 January 2024 and, in accordance with this newly agreed deadline, the Client sent the option exercise notice on 30 January 2024, which confirmed the purchase volume of 240,000 carbon units.
The exercise of the option agreement and the agreed purchase volume of 240,000 carbon units has been taken into account in DGB's financial outlook, as mentioned in its 2023 annual report and recent Q1 update.
DGB looks forward to finalizing and will continue to communicate any new information to the market as it becomes available.
About the project
The Bulindi Chimpanzee Habitat Restoration Project is a groundbreaking afforestation initiative located in western Uganda. It addresses the urgent conservation needs in the Hoima and Masindi districts, which are home to over 300 wild chimpanzees living in diminishing forest fragments on agricultural land.
The Project's community-centred approach collaborates with local communities to find sustainable solutions that benefit both the chimpanzees and the local populace. Initiatives include providing energy-saving stoves, seedlings for woodlots, forest enrichment planting, and training in conservation farming, among others.
The overarching goal of the Project is to plant 4.5 million trees over the next six years and restore 8,290 hectares of degraded land. It's projected to generate approximately 4.3 million verified carbon credits over its 41-year lifespan, resulting in anticipated gross revenues of €63.4 million. Notably, 25% of these proceeds will directly benefit local communities.
Contact for press enquiries
For more information about DGB's initiatives, please contact:
DGB GROUP NV
press@green.earth
+31320788118
Visit our website: https://www.green.earth/
The agreement granted the Client exclusivity and the option to acquire carbon units from DGB's esteemed Bulindi Chimpanzee Habitat Restoration Project, to be verified under Gold Standard number GS 12226 (the "Project"). The commitment followed the announcement that the Project would be featured in the BBC's upcoming 'Planet Earth III' documentary series, narrated by David Attenborough. The episode spotlighting the Bulindi Chimpanzees aired in the UK on 19 November 2023, with further broadcasts scheduled across various European regions thereafter.
Initially, the agreement stated that the exact volume for purchase was to be confirmed by 31 December 2023. DGB offered an extension on the option to 31 January 2024 and, in accordance with this newly agreed deadline, the Client sent the option exercise notice on 30 January 2024, which confirmed the purchase volume of 240,000 carbon units.
The exercise of the option agreement and the agreed purchase volume of 240,000 carbon units has been taken into account in DGB's financial outlook, as mentioned in its 2023 annual report and recent Q1 update.
DGB looks forward to finalizing and will continue to communicate any new information to the market as it becomes available.
About the project
The Bulindi Chimpanzee Habitat Restoration Project is a groundbreaking afforestation initiative located in western Uganda. It addresses the urgent conservation needs in the Hoima and Masindi districts, which are home to over 300 wild chimpanzees living in diminishing forest fragments on agricultural land.
The Project's community-centred approach collaborates with local communities to find sustainable solutions that benefit both the chimpanzees and the local populace. Initiatives include providing energy-saving stoves, seedlings for woodlots, forest enrichment planting, and training in conservation farming, among others.
The overarching goal of the Project is to plant 4.5 million trees over the next six years and restore 8,290 hectares of degraded land. It's projected to generate approximately 4.3 million verified carbon credits over its 41-year lifespan, resulting in anticipated gross revenues of €63.4 million. Notably, 25% of these proceeds will directly benefit local communities.
Contact for press enquiries
For more information about DGB's initiatives, please contact:
DGB GROUP NV
press@green.earth
+31320788118
Visit our website: https://www.green.earth/
© 2024 GlobeNewswire (Europe)
