VANCOUVER, BC, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Carbon Done Right (TSXV: KLX), is pleased to announce a number of updates to the Company's carbon credit project development activities and management team:
- Planting at the Company's West African Rewilding project has continued through the planting season, supported by strong rainfall. The Company still anticipates achieving a total planted area of 3400 ha by the end of this season.
- The Company has finalized the Project Design (PD) for the Rewilding project under Verra's new VM0047 protocol and has also completed an extensive site visit with the audit company responsible for validating the PD, a key milestone in the project development.
- The Company continues to work on negotiations with existing and new investors to secure capital at the project level to support the continued growth of our pipeline.
- The Company continues to advance negotiations with national and regional governments in other jurisdictions and will provide further updates in the coming weeks.
CEO Dr. James Tansey commented 'This has been challenging year for carbon markets with lots of headwinds. Our early decision to focus on restoration projects has insulated our from many of these challenges, as the market has given strong indications that restoration based carbon projects can attract a price premium. We have delivered on our priority milestones over the first part of 2023 and look forward to providing further updates. Our view remains that carbon markets will return to their previous strength and that both conservation and restoration projects are critical to scaling Nature Based Solutions'
The Company also announces that Matthew Roma will be stepping down as Chief Financial Officer and Corporate Secretary of the Company to pursue other opportunities. The Board of Directors of Carbon Done Right are currently evaluating candidates to fill the vacancy.
The Board of Directors of Carbon Done Right express their gratitude for the significant contributions Mr. Roma has made to the Company and wish him well in his future endeavours.
About 'CARBON DONE RIGHT'
'CARBON DONE RIGHT' is focused on nature based solutions to climate change, and 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, 'CARBON DONE RIGHT' 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. 'CARBON DONE RIGHT' draws on the experience of a senior executive team 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
For further information please contact:
| Carbon Done Right. James Tansey, Chief Executive Officer Email: james.tansey@klimatx.com http://www.klimatx.com |
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