The 57,000 area of land said to have been acquired by Klimat X appears to correspond with areas that were previously acquired by companies associated with British businessman Kevin Godlington for oil palm plantations. Godlington is a shareholder in Klimat X and is its Director of African Operations. (Image is a still from "Sierra Leone Project - Klimat X"
Klimat X completes frst phase of Sierra Leone reforestation planting
VANCOUVER, BC, Nov. 29, 2022 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Corporation") (TSXV: KLX) is pleased to announce that since July 2022 it has completed the first 400 hectares of reforestation in the Maforki Kingdom of Sierra Leone, on schedule and below the original budget forecasts. Over the lifespan of the project, this initial area alone, approximately the size of 750 soccer fields, will produce up to 200,000 tonnes of carbon credits and represents only a small portion of the project's total carbon potential. Planting will significantly increase in 2023 as the project expands to 25,000 hectares as it generates significant economic and employment benefits to local rural communities. The company takes a world-leading approach to securing free, prior informed consent within the planting areas, and to economic benefit sharing.
In total, Klimat X has secured rights to almost 60,000 hectares of reforestation in the country of Sierra Leone. Furthermore, it is developing a large-scale programme for protecting and restoring degraded mangrove areas along the country's coastline covering tens of thousands of hectares. The company also is active in the State of Yucatan, Mexico and in Guyana and is making strong progress in new project development across all jurisdictions.
The company is negotiating terms for large scale investment agreements with some of the largest buyers of credits, including global energy companies and commodity traders. Klimat X is increasingly being recognized as one of the few public market platforms delivering nature-based solutions at scale. The limited supply of credits in the market is creating conditions where buyers have a strong incentive to pre-pay for high quality tonnes and the company's carbon credit portfolio has received significant interest.
Dr James Tansey, CEO of Klimat X commented 'This first phase of planting is a major achievement. We have demonstrated that from a standing start in July, we have been able to mobilise a team on the ground that has been able to plant a significant area. We are excited about the continuing ramp up we expect to deliver next year. In parallel, our approach in Sierra Leone and other jurisdictions is generating significant interest from large corporations that are buying credits to meet their Net Zero goals. Our approach, which focuses on delivering new upstream carbon credit project to the largest buyers in the world is gaining traction'
About Klimat X
Klimat X 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, Klimat X works upstream as a direct owner and operator of projects, addressing a key supply constraint the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Corporation 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. Klimat X will draw on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. Klimat X plans to deploy capital at risk under various arrangements (including cooperation, assignment and production sharing agreements) with large land-owners and governments in various suitable jurisdictions around the world.
