Klimat X announces the completion of the second year of planting in Sierra Leone while creating a social impact in the community

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CNW | 19 October 2023

Klimat X announces the completion of the second year of planting in Sierra Leone while creating a social impact in the community
 
VANCOUVER, BC - Klimat X Developments Inc. ("Klimat X" 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 and its stakeholders, is pleased to announce the completion of the second year of planting in Sierra Leone, this achievement has expanded the total area planted to 1,400 ha and enabled payments to be transferred to 170 direct smallholders in the community. The Company provides the following project update.
 
  • The Company completed the landowner lease agreements and disbursements necessary to finalize the 30-year leases required under Sierra Leone law.
  • The Company has now completed demarcation of more than 20,000 ha of land and transferred payments to 170 smallholders under the supervision of the Sierra Leone Commercial Bank.
     
  • All transactions were completed under the scrutiny and review of Namati, an international NGO that ensures smallholders are aware of their rights and sign leasehold contracts under conditions of Free, Prior and Informed Consent.
     
  • The process is based on a comprehensive community mapping process led by the Company and resolves any land boundary disputes among landowners, village elders, chiefdom councils and paramount chiefs, confirming clear title over the land and the associated carbon. The signing ceremony and transfers were broadcast on Sierra Leone national news.
     
The Company continues to develop the mangrove restoration project with a further 10ha of trial plots planted from seedlings produced in their nursery. The Company has scaled the nursery capacity for mangrove planting and is prepared to plant up to 300 ha before the end of the calendar year.
 
The Company has also filed the Project Document (PD) for the mangrove restoration project, a critical step in advancing a project with Verra, the global carbon registry. The PD for mangrove conservation is being developed separately and continues to advance well.
 
James Tansey, CEO of Klimat X Developments stated 'This milestone shows the incredible social impact our projects have on rural communities in Sierra Leone. We believe it is critical to address the drivers of deforestation and land degradation by giving local people a strong and equitable stake in the success of these projects. Our customers recognize that this approach to credit development represents the highest quality of carbon credits.'
 
Nieks Bezuidenhout, CEO of Rewilding Malforki, a Klimat X Delivery Partner in the region and an in-country operator for two decades commented, 'Building on almost 20 years of work in Sierra Leone, we have achieved this milestone in record time and established a model not only for the region but across Africa for a fair and scalable approach to carbon credit production.'
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