With no cost to join, the program will return a significant percentage of net revenue from carbon credit sales directly to building owners, eliminating the need to develop custom offset projects on their own
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2023) - DevvStream Holdings Inc. (NEO: DESG) ("DevvStream" or the "Company"), a leading carbon credit investment firm specializing in technology solutions, today announced the launch of its Buildings and Facilities Carbon Offset Program (BFCOP), a first-of-its-kind offset project that aims to reduce the barrier to entry for organizations seeking to generate carbon credit revenue within three categories: (a.) energy efficiency activities, (b.) onsite renewable energy generation, and (c.) electric vehicle (EV) charging stations. BFCOP will be rolled out across the US and Canada initially, followed by the EU, and is expected to be active during the summer of 2023. Residential, commercial, and institutional buildings, both new and retrofit, are eligible for the program, and there is no cost to join.
Highlights
- BFCOP is a first-of-its-kind program designed to help building owners in the US and Canada generate carbon credit revenue via energy efficiencies, renewable power, and EV charging stations.
- Residential, commercial, and institutional buildings, both new and retrofit, are eligible for the program. There is no cost to join.
- A significant percentage of net revenue from all carbon credit sales will be shared back with each program participant on a prorated basis.
An estimated 40% of global energy-related carbon emissions can be attributed to buildings-approximately 30% from their operations and the remaining 10% from construction and materials1. According to the Energy Information Administration (EIA), there are nearly 6 million commercial buildings in the United States containing nearly 100 billion square feet of space2, while Canada maintains nearly 500,000 commercial and institutional buildings3. This represents a tremendous opportunity to impact global emissions while simultaneously generating numerous carbon credits with minimal risk to participants. To capitalize on this opportunity, DevvStream will leverage its relationship with Global Green, which offers immediate and direct access to 29 major municipalities across the US as well as dozens of multinational corporations with extensive building portfolios, while the Company's joint venture Marmota will address the Canadian market through its established relationships with municipal and provincial governments nationwide.
BFCOP Program Details
- Building owners join at no cost and submit one or more buildings to the program. A pre-qualification evaluation confirms that the proposed activities meet the program requirements for credit generation.
- Each program participant is responsible for providing ongoing data to DevvStream, which is responsible for undergoing third-party data verification and credit issuance.
- DevvStream is responsible for managing the sale of credits on a regular basis, and a significant portion of net revenue will be shared back with each program participant on a prorated basis.
"The BFCOP program will enable building owners to generate additional revenue streams from activities that generate emission reductions-activities that they might not be aware can produce carbon credits-quickly and easily," said Sunny Trinh, CEO of DevvStream. "We've developed a robust program with a straightforward onboarding process, advantageous revenue sharing model, professional implementation, and rapid results. We've already made progress in signing our first major participants: For example, Marmota expects to sign agreements with two Canadian cities by July and begin issuing credits by the fourth quarter of 2023. These two cities alone have the potential to generate over 650,000 carbon credits per year with over a dozen more municipalities to follow. We expect BFCOP to serve as a true catalyst to reduce the carbon footprint of the built environment by helping generate additional revenue to accelerate decarbonization efforts."
About DevvStream
DevvStream is a technology-based ESG company that advances the development and monetization of environmental assets, with an initial focus on carbon markets. DevvStream works with governments and corporations worldwide to achieve their sustainability goals through the implementation of curated green technology projects that generate renewable energy, improve energy efficiencies, eliminate or reduce emissions, and sequester carbon directly from the air. DevvStream also helps these organizations meet their net zero goals by providing them access to high-quality carbon credits. For more information, please visit www.devvstream.com.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
For further information please contact:
Focus Communications
Tel: +1 647 689 6041
Email: info@fcir.ca
Disclaimer
This news release contains forward-looking statements, including statements that are not historical facts. All statements other than statements of historical fact included in this release are forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company's public filings available under its profile at www.sedar.com. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.
Resources
1https://worldgbc.org/advancing-net-zero/embodied-carbon/
2https://www.eia.gov/todayinenergy/detail.php?id=46118#
3https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/climate-plan-overview/healthy-environment-healthy-economy/annex-homes-buildings.html
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