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DGB Group issues financial outlook

Dutch Green Business Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, issues financial guidance with expected gross carbon credit sales from project operations for the coming years. The Group anticipates gross credit sales for the next ten years to range from € 79.8 million to € 160.8 million and upwards of € 327 million over the lifetime of its project pipeline.

DGB is a project developer of nature-based projects to originate high-integrity carbon credits known as Verified Emission Reduction credits (“VER credits”). VER credits are also commonly known as carbon offsets or carbon credits, and each VER credit equals one tonne of verified emission reduction. Carbon reduction markets are rapidly expanding. There is near-universal consensus from governments and private companies that the market needs to grow to match global net-zero needs. 

Two years ago, DGB started its first project and now has seven large-scale projects under management and in operation. The operational team is conducting feasibility studies on 10 more projects. Projects need 2 to 6 years of financing before they start to originate VER credits.

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In 2022, the Group expanded its project development pipeline to 11.1 million VER credits in development, with an upside of an additional 27 million VER credits through the ability to scale its existing afforestation and reforestation operations in Cameroon and Kenya. 

“We have a varied mix of projects under development, leading to a strong and balanced pipeline of carbon credits to be delivered.”
- Thomas Donia, Director of Operations

The Group bases its financial outlook on its current project pipeline and does explicitly not take potential new projects into account. The expected carbon credit issuance profile of its projects under development is:


Minimal Delivery Volume (in tCO2e)

Maximum Delivery Volume (in tCO2e)































2033 - 2062






DGB’s gross carbon credit sales for the next ten years are expected to range from € 79.8 million to € 160.8 million. The Group anticipates gross carbon credit sales of upwards of € 327 million over the lifetime of its project pipeline.

The financial outlook is based on currently available project documentation, its carbon credit generation projections and current market transactions, working with an illustrative sale price of $ 10.00 per credit from a cookstove project, $ 11.00 per credit of a REDD+ project and $ 18.00 per credit of an AR project. The Board of Directors foresees a price increment in accordance with the EY Net Zero Centre (1). It forecasts a verified emission reduction price rise of 9.5% to 15.0% per year towards 2035 and 4.0% to 6.0% price increase from 2035 to 2050. 

For clarity, all credit sale prices are only illustrative, and the price of VER credits on the market may be higher or lower at the time of sale. DGB continues to participate in the global discussion around the best way to value emission reduction projects under development - alongside leading accountancy firms - including their impact in contributing towards biodiversity and societal impact on the ground where reforestation projects are being developed.

Project Finance

DGB finances its operations and projects by entering into long-term offtake agreements for carbon credits to be verified later in the coming years. Forward selling of VER credits currently under development is an important part of its financing, sales and distribution strategy.

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In Q3 2021 DGB entered into its first binding offtake agreements and in Q1 2022 the Group completed the first significant offtake agreement worth € 1.1 million with a major international energy company. In 2022, DGB completed forward sales of € 2.9 million. The Board of Directors expects an increase in forward sales of VER credits for 2023.

Subsequently, DGB has raised over € 2.5 million with the issue of (convertible) green bonds to finance the development of its projects. The Board of Directors is exploring several options to finance its project development further.

CEO Duijvestijn stated: “The outlook for DGB is robust, driven by increasing global demand for verified emission reduction credits as the world moves towards its net zero goals and by an expanding project pipeline. DGB delivered on its strategic and operational objectives in 2022 and plans to expand its project pipeline further in the coming years- this will enable our Group to offer more credits to a broader range of corporate clients with binding offtake agreements. I am confident we will achieve our financial outlook as we maintain our high-growth pace.”


  1.  EY: Essential, expensive and evolving: The outlook for carbon credits and offsets, https://www.ey.com/en_au/forms/2022/download-carbon-offsets-report


Contact details:

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+31108080126 (NL)
+442080640936 (EN)


About DGB:

DGB is a project developer of high-quality large-scale carbon and biodiversity projects accredited by third parties. The Group is focused on nature conservation and helping biodiversity flourish by assisting governments and corporations in achieving net-zero. Global megatrends drive the demand for carbon credits and underpin the growth opportunities. DGB GROUP NV is a public company traded on the main Dutch stock exchange Euronext Amsterdam under the ticker symbol AEX:DGB and ISIN-code NL0009169515.. www.green.earth



This press release contains no (invitation to make an) offer to buy or sell or otherwise acquire or subscribe for shares in DGB Group NV and is not advice or recommendation as to whether action should be taken. This press release contains statements that may be interpreted as forward-looking statements, inter alia relating to the financial position of the DGB Group, the results achieved, and the company(ies) it operates. Forward-looking statements are all statements that do not relate to historical facts. These statements are based on information currently available and on forecasts and estimates made by the management of the DGB Group. 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 can be construed as forward-looking statements. Factors that can lead to, or contribute to, differences in current expectations include developments in legislation, technology, taxation, regulation, fluctuations in stock prices, legal proceedings, regulatory investigations, competitive conditions, and general economic conditions. These and other factors, risks, and uncertainties that may affect forward-looking statements or the actual results of DGB Group are discussed in the Annual Report. The forward-looking statements in this document apply only as of the date of this document. Subject to any legal obligation to do so, the DGB Group accepts no obligation or responsibility to update the forward-looking statements contained in this document, whether they relate to new information, future events or otherwise.

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