In This Article:
VANCOUVER, BC, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Carbon Done Right Developments Inc. ("Carbon Done Right" or the "Company") (TSXV: KLX) (FSE: Q1C), a leading provider of high-quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the Company, is pleased to announce the completion of all milestones required for the sixth disbursement of USD250,000 under the purchase agreement announced on the 14th June, 2023.
Carbon Done Right CEO James Tansey stated: ‘This sixth milestone reflects our continued investment to produce carbon credits from the restoration of degraded lands in Sierra Leone. The milestone also reflects our progress with the final validation of this project under Verra’s recently released forest restoration protocol, VM0047. Our project is one of the first to undergo validation under the revised protocol. The purchase agreement includes both repayment of the pre-purchase investment with carbon credits and an offtake agreement to purchase the majority of the carbon credits produced by the project at an index linked price. As long as we satisfy all the conditions set by the buyer, this will represent a significant revenue stream to the company. This model demonstrates the long-term commitment of buyers to high quality nature-based solutions to climate change.’
The Company is developing the large-scale rewilding reforestation project in Sierra Leone over an initial area of 5,000 ha, with the aim of extending by at least 20,000 ha. The initial project area of 5,000 ha could produce up to 1.7m tonnes of validated and verified Verra carbon credits over 30 years.
The project has undergone further site visits, independent review and diligence, including by Sierra Leone government agencies and funding agencies, and continues to receive very positive and constructive feedback. This will ensure the credits produced will be of the highest quality to meet the needs of a growing market. The Company continues discussions with investors to build on these strong foundations to expand the planted area by tens of thousands of hectares across the region.
About Carbon Done Right
Carbon Done Right is an owner and operator of nature-based carbon assets that serves the growing demand for carbon credits from companies seeking to meet their Net Zero goals. The Company achieves 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. The Company’s dedication to environmental stewardship and its robust pipeline of carbon credit projects makes it a trusted partner to the largest buyers of carbon credits in the world, in the fight against climate change. Carbon Done Right deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with government engagement in various suitable jurisdictions around the world including Sierra Leone, Yucatan, Guyana and Suriname.