Letter of intent between DevvStream and GCI creates a framework to collaborate with the federal governments of GCI partner nations located in Africa, Europe, and South America
VANCOUVER, British Columbia, Nov. 30, 2023 (GLOBE NEWSWIRE) -- DevvStream Holdings Inc. (“DevvStream” or the “Company”) (NEO: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, and Green Cross International (“GCI”), a global non-governmental organization with a mission to respond to the combined challenges of security, poverty and environmental degradation to ensure a sustainable and secure future, today announced the signing of a letter of intent to explore the implementation of decarbonization projects with GCI partner nations located in Africa, Europe, and South America. Federal representatives of each nation will work with DevvStream and their local Green Cross National Organization (“GCNO”) to define project-specific parameters, goals, and timing. Details regarding nation-specific pilot projects are expected to be announced in Q1 2024.
As a result of the collaboration, DevvStream will work alongside GCI and partner nations to explore opportunities for the generation of Internationally Transferred Mitigation Outcomes (“ITMOs”), a specific type of carbon credit issued under the Paris Agreement, Article 6 framework. ITMOs are eligible to be traded to other nations and are typically in higher demand—and command higher prices—than non-ITMO voluntary carbon credits. Under any agreements with partner nations, DevvStream would retain a portion of the carbon credits generated in exchange for services related to their development and monetization.
“Our partnership with GCI will give DevvStream global access to governments at the national level, thanks to GCI’s integrated network of governmental organizations across nearly 30 nations,” said Sunny Trinh, CEO of DevvStream. “Our initial pilot projects will not only help our first partner nations achieve their net-zero goals by introducing advanced emissions-reducing technologies, but these projects will also provide an easily reproducible template for other nations to follow, making our efforts even more impactful. We’re excited to get started, and we look forward to sharing more details as they’re finalized.”
GCI is an international non-governmental organization founded by President Gorbachev in 1993 to foster a global value shift toward a sustainable and secure future. GCI operates in over 30 countries and enjoys consultative status with the United Nations Economic and Social Council, and United Nations Educational, Scientific and Cultural Organization. GCI is an admitted observer organization with the United Nations Framework Convention on Climate Change and the Conference of the Parties to the UN Convention to Combat Desertification. It also cooperates directly with the UNEP/OCHA Environmental Emergencies Section, UN-HABITAT and other international organizations.
“The partnership between DevvStream and Green Cross International opens the door to high-quality decarbonization projects all over the planet,” said Eduardo Gutierrez, Member of the GCI Board of Directors and Former United Nations (“UN”) Assistant Secretary General and UN Representative for Argentina, Bolivia, Brazil, Chile and Costa Rica. “The need for these actions is urgent, and excellence is a must. The joint experience of these two organizations guarantees both. As a GCI board member, I offer my unconditional support to this collaboration, and I encourage all of our partners as well as cities and corporations to use it as a framework for prompt actions. In doing so, we would be responding to calls from the UN, going all the way back to the Earth Summit in 1992, to give decarbonization the attention it deserves as a tool to effectively reduce Earth’s warming.”
DevvStream stakeholders can learn more about this and other initiatives during the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change to be held in Dubai, United Arab Emirates from November 30 to December 12, 2023. Members of DevvStream’s leadership team will travel to Dubai to join world leaders, politicians, experts and private sector leaders for discussion of the climate crisis, and solutions at hand, on a global level. Company representatives will share insights on the critical role that both compliance and voluntary carbon markets must play in helping governments and corporations achieve net zero goals. Interested parties can request a meeting with DevvStream via email to the following address: COP28@devvstream.com. Note that the Company’s leadership is only available to meet from December 3 through December 8.
About Green Cross International
Formally launched in Kyoto, Japan, on April 18, 1993 by President Mikhail Gorbachev, GCI currently operates in nearly 30 countries, including Japan, the Netherlands, the Russian Federation, Sweden, Switzerland and the United States.
GCI enjoys consultative status with the UN Economic and Social Council and UN Educational, Scientific and Cultural Organization. GCI is an admitted observer organization with the UN Framework Convention on Climate Change and the Conference of the Parties to the UN Convention to Combat Desertification. It also cooperates directly with the UN Environmental Programme/Office for the Coordination of Humanitarian Affairs Environmental Emergencies Section, UN-HABITAT and other international organizations. To learn more, visit www.gcint.org.
About DevvStream
Founded in 2021, DevvStream is a technology-based sustainability 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—creating carbon credits in the process.
On September 13, 2023, DevvStream and Focus Impact Acquisition Corp. (Nasdaq: FIAC) announced that they have entered into a definitive Business Combination Agreement for a business combination that would result in the combined Company (DevvStream) to be listed on the Nasdaq Stock Market under the ticker symbol “DEVS”.
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, including statements relating to the implementation of decarbonization projects and the carbon credits expected to be generated in connection therewith. 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.sedarplus.ca. 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.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media Contacts
DevvStream@icrinc.com and info@fcir.ca
Phone: (332) 242-4316
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45f04d4e-d883-491a-88ad-037588bc9af6
