KLIMAT X DEVELOPMENTS INC. PROVIDES UPDATE ON PROGRESS WITH PLANTING AT THE SIERRA LEONE MANGROVE PROJECT
VANCOUVER, BC, Feb. 14, 2023 /CNW/ - Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) is pleased to provide an update on progress towards the development of a large-scale mangrove restoration and conservation project in Sierra Leone. If successfully implemented, the project sites could result in the production of up to 4m tonnes of high quality blue carbon credits, which command a premium in carbon markets.
In late 2022, the company identified areas of fully degraded and threatened mangrove in the Scarcie Estuary in Sierra Leone. This degradation has occurred as a result of firewood harvesting and conversion to rice paddies that were subsequently abandoned. Working with Silvestrum Climate Associates (SCA), Klimat X has identified an initial area of 3,000 hectares of threatened mangrove for conservation and around 7,000 hectares of highly degraded mangrove for restoration. By the end of Q1, 2023, SCA will have completed three site visits to establish above ground and below ground carbon storage in the conservation area and the potential for extensive restoration of the degraded areas. Drawing on the competencies and capacity of the in-country team, Klimat X has completed surveys and participatory mapping of around 2,000 hectares and concluded Free Prior and Informed Consent (FPIC) supported binding land owner agreements for more than 1,000 hectares.
Towards the end of 2022, the local team was able to harvest mangrove propagules, the seedlings that allow mangroves to grow. The team directly planted 15 hectares of seedlings in various test sites to get a better understanding of optimal growing conditions. In addition, a nursery has been established for seed germination and seedling preparation. All of these activities are undertaken with gender balanced local community participation. As the photos below indicate, the seedlings have grown very well in the nursery and within the pilot sites, confirming that large scale planting and restoration is feasible. As indicated in the photo below, the team uses discarded single-use water sachets to hold the seedlings, both saving costs and providing an opportunity to repurpose a material that would otherwise litter the region and ultimately end up in the oceans. Local people are compensated for collecting the bags and the project has already created employment opportunities within the community.
Based on the data collected to date, the 3,000 hectares conservation area holds an estimated minimum of 400 tons per hectare, which would otherwise be emitted into the atmosphere if the area is not protected. Mangrove restoration can generate 10-15 tons per hectare per year and recent projects have received prices as high as $30 per ton.
Klimat X CEO, Dr. James Tansey commented 'Recent projects such as the Delta Blue Project in Pakistan have demonstrated there is a very strong market in mangrove restoration and conservation projects. In addition to the carbon benefits, mangroves provide important flood defences and are critical for biodiversity all around the world. Our approach is scalable across Sierra Leone and West Africa, where we are actively developing projects. Our sites in Mexico are also showing very significant promise. Most importantly, and perhaps more impressively, our team has been able to mobilize in a matter of months to secure landowner agreements, complete site surveys and establish the underlying technical basis of the projects. Once again, KLX has proven it is a global leader in carbon credit origination.'
SEE VIDEO for more on the Sierra Leone project.
Klimat X also announces a project update, virtual event on Thursday, February 16 at 11:00 AM PT RSVP HERE
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 in 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.
For further information: Visit http://www.klimatx.com
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SOURCE KLIMAT X Developments Inc.
Klimat X Developments Inc., James Tansey, Suite 390, 1050 Homer Street, Vancouver, British Columbia V6B 2W9, Phone: 1-604-562-4546
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