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DGB Group releases 2023 Q2 update

DGB Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, provides an update on its performance during Q2 of 2023. During this time, the Group made significant strides in strengthening its financial position and advancing its project pipeline.

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

Project highlights

Throughout Q2 of 2023, DGB persistently strived to enhance global partnerships with governments and organisations to develop impactful Carbon Credit projects. These collaborations aim to provide sustainable benefits to local communities while conserving biodiversity. Some key milestones of the quarter include:

  • DGB's flagship large-scale 44,255-hectare AR carbon project in Cameroon is progressing with the validation by an external auditor for certification with Verra.
  • DGB's large-scale 27,800-hectare AR carbon project in Kenya is further advancing and also undergoing validation by an external auditor for certification with Verra, while continuing to plant trees with farmers.
  • The Hongera Energy Efficient Cookstoves Project is on track to produce and distribute 75,000 cookstoves in 2023 (out of the project’s total 150,000).
  • The Bulindi Chimpanzee Habitat Restoration Project (Uganda AR) has started planting and is scheduled to start validation with an external auditor in Q3 of 2023.
  • The cookstove project in Cameroon is currently undergoing technical design testing, assessing localisation needs from the base Hongera design.
  • The commencement of an additional cookstove project in Kenya, targeting schools and other educational institutions, is undergoing a feasibility study and technical testing of the units already installed.
  • The feasibility study of DGB’s biochar project in Uganda is progressing, and DGB is performing technical testing on potentially integrating biochar projects into its other existing project footprints (in Kenya and Cameroon).
  • Following the execution of a Memorandum of Understanding (MOU) with AGRO-MAP and the Republic of Côte d'Ivoire, DGB expects to finalise the feasibility study in Q3 and commence project activities.
  • The initiation of pre-feasibility studies for Carbon Credit projects in the Democratic Republic of Congo (DRC), Kazakhstan, and Mozambique is also progressing.

DGB now has 7 large-scale projects under development and management. The operational team is conducting feasibility studies on 10 more projects. Projects need two to six years of financing before they start to originate Carbon Credits. The current project pipeline consists of 40 million tonnes of Carbon Credits.


In 2022, DGB demonstrated its expertise in developing and overseeing substantial carbon and biodiversity initiatives. DGB currently manages seven large-scale projects structured according to high-ranking verification standards. A surge of €21.45 million in DGB's project value has led to an aggregate asset worth of €27.66 million, as reported in the annual report and position paper on valuation, published in Q2. 

A successful new green bond issuance in the second quarter has driven further expansion of DGB’s projects since. Additionally, DGB generated a cash flow totalling €720,000 from the (forward) sales of Carbon Credits during the same period. 

Negotiations and project due diligence on large forward carbon credit purchases proceeded unabated. DGB’s CEO, Selwyn Duijvestijn, emphasised the strong purchase interest expressed by (commodity) trading houses and corporations:

‘We have initiated dialogues with most of the trading houses and discovered that larger corporations with net zero pledges are providing more favourable terms, offering extended contract durations, and are proving to be the most supportive on the buying front for now. The competitive landscape has intensified as other buyers recognise our ability to develop large-scale projects independently.’ Duijvestijn drew attention to the high interest buyers show in reforestation and ecosystem restoration projects, with restoration efforts currently outpacing conservation projects: ‘Buyers demonstrate an increasing preference for carbon removal projects. They seek projects that contribute to the wellbeing of the community, ecosystem restoration and bolster biodiversity. These combined factors have allowed us to offer significant premiums on our projects.’

He further added that DGB’s projects would secure price premiums on its contracts because these projects have extensive scale–implementation potential.


DGB's financial outlook is based on current project documentation, Carbon Credit generation projections, and market transactions. In 2023, the Group aims to:

  • Further expand its project pipeline from 40 million to 100 million tonnes of Carbon Credits.
  • Increase (forward) sales of Carbon Credits. The Group expects to close (forward) sales for minimally 5 million Carbon Credits in the second half of 2023.
  • Launch its platform for biodiversity credits and sell the first tailor-made biodiversity credits.

For further insights on the market trends and role of high-quality carbon credits in the global shift towards decarbonisation, please refer to our quarterly market outlook, which was released today.


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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 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 does not contain an (invitation to make an) offer to buy or sell or otherwise acquire or subscribe to shares in DGB 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 about the financial position of DGB, the results it achieved and the business(es) it runs. Forward-looking statements are all statements that do not relate to historical facts. These statements are based on information currently available and forecasts and estimates made by DGB’s management. Although DGB 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 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, DGB assumes no obligation or responsibility to update the forward-looking statements contained in this document, whether related to new information, future events or otherwise.

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