Carbon Done Right Developments Inc. ("Carbon Done Right" or the "Company") a leading provider of high-quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the Company, is pleased to provide an update on the progress of the company and highlight upcoming priorities.
Carbon Done Right CEO James Tansey stated ‘Despite a challenging year for carbon markets and public markets, the company has been able to continue to advance our flagship project in Sierra Leone. We have also advanced negotiations in Suriname to finalize a large-scale mangrove restoration project. With COP underway in Baku this week, we greatly welcome the significant progress with the development of Article 6 of the Paris Agreement, which should increase demand for carbon credits from nation states’.
The Company has completed a third season of planting in Sierra Leone and with the end of rainy season is shifting the focus to maintenance and fire management;
The Sierra Leone Rewilding project is one of the first under the new Verra restoration protocol; validation work is largely complete and the project can be expanded to at least 25,000 ha of planting;
The Company has been committed to ensuring that any credits produced within the pipeline will be tradeable under Article 6.2 and/or 6.4 of the Paris Agreement and is supporting the relevant governments in the development of any additional regulatory requirements to meet this goal;
The Company has prioritized fundraising efforts at the project level with specialized equity and joint venture partners in order to maintain the same level of planting effort in 2025 and to expand the project pipeline;
The Company anticipates announcing the advancement of at least one additional jurisdictional project in Q4 2024;
In order to expand the reach of the Company to new investors, the team is contemplating opening an office in Abu Dhabi.
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 a 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. Under a previously announced pre-purchase agreement, the vast majority of the carbon credits produced from the first 5,000 hectares will be sold under an index linked offtake agreement.
The Company announces that it is changing its financial year-end to March 31 from its current year-end of December 31.
As a result, the Company will file an additional interim report as of December 31, 2023, and will report audited financial results for a 15-month transition year from January 1, 2024 to March 31, 2025 (with a comparative of the 12 months ended December 31, 2023). Afterwards, the Company will revert to a customary reporting calendar based on a March 31 year-end, with fiscal quarters ending on the last day of June, September, December and March of each year.
The Company believes this change of financial year-end will allow it to better align its financial statement reporting requirements with other reporting issuers and the availability of the Company’s service providers. The notice for the change in financial year-end required under National Instrument 51-102 - Continuous Disclosure Obligations will be filed under the Company’s SEDAR+ profile at www.sedarplus.ca.
The Company announces that Celia Francis will depart from the board of directors of the Company, effective as of the date of this press release.
Celia Francis is stepping down from her role on the board to focus on her senior management obligations at Ponterra. The board and management team are extremely grateful for her contributions to the Company and wish her the best of luck with her future endeavours. The Company is actively engaged in the recruitment of a new independent board member and expects to make an announcement in Q4.
