Invitation-only initiative directly connects leading international suppliers and enablers of carbon markets to Singapore-based corporates, as well as enabling carbon credit sales under Article 6 to countries with whom Singapore has signed an implementation agreement
Calgary, Alberta--(Newsfile Corp. - February 3, 2025) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, today announced its admittance into the Singapore Carbon Market Alliance ("SCMA"), an invitation-only platform developed by the Singapore Economic Development Board in cooperation with IETA, the first international, multi-sector organization devoted to pricing and trading greenhouse gas reductions commercially. The SCMA's primary focus is on high-integrity carbon credits that are aligned with Article 6 of the Paris Agreement, which enables these credits to be traded to nations with whom Singapore has signed a cooperative implementation agreement. Singapore currently has Article 6 implementation agreements or MOUs in place with over two dozen nations, including Indonesia, Philippines, and Brazil. DevvStream anticipates that its admittance into the SCMA will provide a direct pathway to its becoming an Eligible Entity in the region, a key requirement for engaging with countries that have established implementation agreements with Singapore. Once DevvStream achieves Eligible Entity status, the Company expects that the SCMA will serve as a robust offtake channel for Article 6-aligned carbon credits, as well as its growing portfolio of international renewable energy certificates ("I-RECs").
Why Article 6 is Important to DevvStream
Article 6 of the Paris Agreement is a crucial part of the global climate framework, as it provides mechanisms for nations to collaborate in reducing their greenhouse gas emissions via carbon credits. While these mechanisms typically involve governments, companies like DevvStream can play a crucial role in developing and managing projects that produce Article 6-eligible carbon credits. Through its membership in the SCMA, the Company plans to generate carbon credits from emission reduction projects located in nations with whom Singapore has signed implementation agreements, then sell those credits directly to the government of Singapore. As one of only a handful of project developers in the SCMA, DevvStream expects to be well positioned to achieve high sales volumes within the alliance.
"When COP29 members authorized emissions trading under Article 6.4 last year in Baku, the vision was to create a global compliance carbon market that will create a level of demand that would dwarf the demand we currently see in the Voluntary Carbon Market," said Sunny Trinh, CEO of DevvStream. "As such, any credit that has a realistic pathway to Article 6 compliance should be reasonably expected to trade at a substantial premium, and initial evidence suggests this is indeed the case. DevvStream is proud to have been invited to join the SCMA and looks forward to becoming an Eligible Entity in Singapore, creating a clear mechanism for achieving compliance with Article 6 and conducting sales directly with the Singaporean government."
"Leveraging our membership in the SCMA is part of the Company's vision of becoming the leading carbon credit authority and renewable energy asset manager in the ASEAN bloc," said Scott Harrington, Senior Partner & Managing Director, APAC at DevvStream. "Not only does the SCMA provide validation of DevvStream's credibility, but it also offers direct and straightforward channels to sales of Article 6-aligned carbon credits. I'd like to thank the SCMA for inviting DevvStream to become a member."
About DevvStream
Founded in 2021, DevvStream is a leading authority in the use of technology in carbon project development. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health.
With a diverse approach to the carbon market, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging in exchange for a percentage of generated credits.
Certain statements in this news release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events, trends or DevvStream's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include statements regarding DevvStream's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, DevvStream's ability to continue as a going concern and to realize the benefits of its recently completed business combination, DevvStream's ability to remain listed on Nasdaq, the volatility of the market price and the liquidity of DevvStream's common shares, the impact from future regulatory, judicial, legislative or regulatory changes in DevvStream's industry, the trends in the carbon credit markets, future performance and anticipated financial impacts of certain transactions by DevvStream or others, the growth and value of the global carbon credit market traded value, the potential of carbon credits to provide carbon emission reductions and reduce carbon emissions to limit global warming, estimated CO2 capture, sequestration, decarbonization or storage capacities or potentials of different projects in which DevvStream is investing, or DevvStream's opportunity pipeline and the ability of such opportunities to generated carbon or tax credits each year, or the market growth and value of international renewable energy certificates, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management are inherently uncertain and subject to material change. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties.
These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in filings made by, or to be made by, DevvStream from time to time with the SEC and with the Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of DevvStream and this news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
