LONDON: Klimat X Developments Inc. (TSXV: KLX), a carbon project developer, has announced a name change to Carbon Done Right and a partnership with a tech-enabled platform that will enhance its carbon credit generation and distribution.
The company, which operates in West Africa, will use the Carbon Quantification System (CQS™) developed by its partner, also named Carbon Done Right, to track and monitor each tree it plants via satellite and AI models. This will enable the company to create high value, transparent and traceable carbon credits that benefit both the environment and the local communities.
The company has also secured a dual listing of its shares on London’s AIM market, which it expects to complete by early Q2 2024. The company believes this will attract more investors and funding opportunities for its growth.
Carbon Done Right has already secured about 57,000 ha of forest and mangrove in Sierra Leone and has a pre-purchase agreement with BP Carbon Trading to plant a minimum of 5000 ha. The company plans to expand its land area and projects in West Africa, where 90% of the land for reforestation is owned by smallholders.
Commenting on the news, James Tansey, CEO, said: “We are committed to providing quality, transparent carbon credits and simplifying the offset buying process. The incorporation of proprietary technology will see us become a vertically integrated business active in nature-based projects, reflecting our mission to provide our buyers extraordinary levels of trust and traceability along all aspects of the carbon offset supply chain and live by our name Carbon Done Right. This is an exciting moment for the Company and coupled with our AIM dual listing plans, we look forward to updating on further progress soon.”
Kevin Godlington, President (designate), commented: “Carbon Done Right’s unique Carbon Quantification System ™ is going to provide unprecedented insights into forest change and carbon capture at the individual tree level. We are delighted to change our name to reflect the technology as we align our business mission with its values of innovation and transparency. We are excited to soon be integrating this technology into our flagship projects in West Africa and deliver greater benefits to smallholder landowners and their communities.”
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