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Hongera Energy Efficient Cookstoves Project completes Gold Standard validation

DGB Group N.V. (“DGB”, “the Group”, or “the Company”) (Euronext: DGB: NL000916951), a leading carbon project developer and ecosystem restoration company, successfully receives Gold Standard validation for its Hongera Energy Efficient Cookstoves Project with project ID 12033 (“Project”).

Key highlights

  • Project scope: The Project in Kenya is a large-scale nature-based solutions initiative that manufactures and distributes 150,000 energy-efficient cookstoves to local communities in Kenya, reducing firewood usage, restoring nature, and minimising indoor air pollution. On 22 March 2022, the Project entered the development phase. It is designed under the Gold Standard methodology ''Technologies and Practices to Displace Decentralized Thermal Energy Consumption''. Efficient cookstove projects promote the effective fight against deforestation, forest degradation, and biodiversity loss. Cookstove projects have a significant impact, as efficient cookstoves enable households to reduce 30–90% of the CO2 emissions resulting from traditional open-fire cooking. 
  • Expected units: The Project is expected to originate approximately 2.5 million carbon units (carbon credits) with yearly unit issuances from 2024 to 2030 (approximately 350,000 carbon units per annum). The Project can be extended after the initial 6-year crediting period. 
  • Unit sales: On 13 July 2022, DGB already sold 507,720 carbon units (approximately 30% of the total expected tCO2e of the Project) against an upfront payment of €1.7 million upon completing certain milestones. On 10 April 2024, DGB achieved the final milestone under this agreement. DGB expects the remaining 2 million units to be sold at higher prices, as the discount for upfront payment is no longer required. 
  • Community engagement: The Project prioritises the inclusion and empowerment of local communities, ensuring that it aligns with their needs and contributes positively to their livelihoods.
  • Timeline and prospects: The Project is now progressing through the rigorous verification process as DGB has submitted for the Project’s first verification at the Gold Standard registry for the 2022–2024 monitoring period. The first carbon units are expected to be delivered in Q3 2024.

In 2020, DGB started with its first project and now has seven large-scale projects under management and in operation. The operational team is conducting preliminary studies on 12 more projects. Projects need two to six years of financing before they start producing carbon units. In 2023, the Group expanded its project development pipeline to 60.1 million carbon units under management, marking a substantial +58% year-over-year growth. Complementing this growth, DGB has strategically diversified its project pipeline, venturing into new domains with the inclusion of plastic and biodiversity credits through new projects and methodologies. This strategic diversification into new project types marks a pivotal step in its ongoing commitment to environmental innovation, sustainability, and diversified revenue streams.

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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. The provision of DGB’s services and products is subject to its General Terms and Conditions.

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