- Finances an expected 128,000 tonnes of carbon offsets
- Carbon offsetting secures long-term viability of the project
Dutch Green Business Group N.V. (Euronext: DGB, “DGB” or “the Group”) announces today it has signed a letter of agreement with South Pole, a leading advisor and provider of global climate services, to invest in the Miro Sustainable Plantation project in northern Sierra Leone, This represents a key stage in DGB’s strategy to participate in large carbon offset projects around the world that deliver commercial and environmental benefits.
The highlights of the investment include:
- DGB secures an expected 128,000 tonnes of verified sequestered carbon offsets for its balance sheet with the possibility of future supply as more land is forested
- The investment will help accelerate reforestation in Sierra Leone and will make the project and the local communities more sustainable
- DGB’s participation and use of carbon offsetting ensures the long-term viability of the project thanks to its ability to grow trees over a longer time frame using a much wider diversity of planting
- DGB chose to invest in the Miro project due to its capacity to create new forests that sequester carbon and the fact that it contributes to the UN’s Sustainable Development Goals
- The project is audited and verified by Verified Carbon Standard (VCS), the leading carbon standard
- The Miro project repurposes degraded land by planting carefully selected trees creating a sustainable plantation spanning 12,000 hectares and it will sequester c. 55,000 tonnes of CO2e on average each year.
DGB’s vision is to be a leading high-impact investor in sustainably managed forests by providing competitive real investment returns for shareholders combined with high social impact. DGB is underpinned by the value of the carbon offsets it is generating and the inherent asset value of the underlying land in which it is investing. DGB plans to reforest the world’s land at scale and bring back nature where it cannot return unaided. DGB’s strategy is focused on the following:
- Locate and secure land
- Protect and plant trees
- Verify and certify carbon offsets
- Sell the carbon offsets
- Land management
DGB’s investment in Sierra Leone highlights to all stakeholders the opportunity and need for a supply of high-quality, certified reforestation projects within the voluntary carbon market. This helps accelerate reforestation, encourages the creation of and trading in carbon offsets, improves air quality, creates oxygen and cuts air pollution.
On a local level, the project promotes sustainable farming which will deliver increased food production as well as the sustainable cultivation of trees. The project is also focused on swamps and transforming them into areas of increased rice cultivation and controlled agroforestry that will keep the land full of nutrients for long-term efficiency.
Today’s announcement follows on from the news over the last two months that DGB is working with Quadriz in Paraguay to source large-scale native forestland plots in excess of 50,000 hectares for DGB to acquire. DGB and Quadriz are also partnering on forest carbon offset projects to reduce emissions from avoiding planned deforestation and to protect critical primary forest financed through the generation of high-integrity carbon offsets.
Selwyn Duijvestijn, Chief Executive of DGB Group said: “This investment marks an important step forward for DGB as we look to secure participation in sustainable development projects that benefit not only local communities but all stakeholders who are able to utilise carbon offsets. Moreover, the quality of this project highlights the value accretive opportunity presented to DGB and its investors by both carbon credit generation but also the underlying asset value of the land. We continue to look for further investment opportunities and are excited by this latest opportunity.”
Dutch Green Business Group N.V. is a publicly traded for-profit purpose company traded on the main Dutch stock exchange Euronext Amsterdam under the ticker symbol AEX:DGB and ISIN-code NL0009169515. Investing in nature based solutions is more than a philanthropic mission: It makes business sense. The immense scale of global reforestation that needs to be undertaken in the coming years is almost unimaginable but it represents an exciting opportunity for the capital markets.
DGB GROUP NV
+31(0)20 8080825 (NL)
+44(0)20 8064 0936 (EN)
About South Pole:
South Pole is a leading project developer and provider of global climate action services, with over 400 experts in 26 global offices and representations. South Pole helps companies, capital markets, and the public sector reduce their impact on the climate while mitigating risk and creating value. South Pole’s expertise covers project finance, data collection, and climate risk analysis, as well as the development of environmental commodities, such as carbon and renewable energy credits. South Pole has mobilised climate finance to over 700 projects that reduce greenhouse gas emissions in areas such as renewable energy, energy efficiency and sustainable land use. For more information, visit www.southpole.com or follow them on LinkedIn, Twitter, and Facebook.
About Miro Sustainable Plantation:
Located in Northern Sierra Leone, the Miro Sustainable Plantation project repurposes degraded land by planting carefully selected trees to create a sustainable plantation that will span 12,000 hectares and sequester approx. 55,000 tonnes of CO2e on average each year. Following the internationally recognised FSC certification, the forest provides sustainable timber, creates rural employment opportunities and delivers additional benefits such as better water access and education support. It also ensures the financial security of the local community, with the land leased on fair, long-term agreements. The project implementation partner is Miro Forestry, an established sustainable forestry company with a proven track record of success in managing plantation forestry businesses in West Africa. For more information visit: https://www.miroforestry.com/
This press release qualifies as a disclosure within the meaning of Article 17 paragraph 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and contains inside information within the meaning of Article 7 paragraph 1 MAR. This press release does not contain (an invitation to make an) offer to buy or sell or otherwise acquire or subscribe to shares in DGB Group N.V. and is not an advice or recommendation to take or refrain from taking any action. This press release contains statements that could be construed as forward-looking statements, including with regard to the financial position of the DGB Group, the results it achieved and the business (ies) it runs. Forward-looking statements are all statements that do not relate to historical fact. These statements are based on information currently available and on forecasts and estimates made by DGB Group management. Although the DGB Group believes that these statements are based on reasonable assumptions, it cannot guarantee that the ultimate results will not differ materially from those statements that could be construed as forward-looking statements. Factors that may lead to, or contribute to, differences in current expectations include, but are not limited to: developments in legislation, technology, tax, regulation, stock market price fluctuations, legal proceedings, regulatory investigations, competitive relationships and general economic conditions . These and other factors, risks and uncertainties that may affect any forward-looking statement or the actual results of DGB Group are discussed in the annual report. The forward-looking statements in this document speak only as of the date of this document. Subject to any legal obligation to do so, the DGB Group assumes no obligation or responsibility to update the forward-looking statements contained in this document, whether related to new information, future events or otherwise.