Base Carbon Announces Receipt of First Correspondingly Adjusted Article 6 Authorized Carbon Credits

TORONTO, April 08, 2024 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (“BCCPC”, together, with affiliates, “Base Carbon”, or the “Company”), is pleased to announce that it has received an initial transfer of 717,558 correspondingly adjusted carbon credits from its Rwanda cookstoves project, each designated by Verra with an article 6 authorized (“Article 6 Authorized”) label. Receipt of these carbon credits from the Rwanda cookstoves project is an important Company milestone, marking Base Carbon’s second project to transition from the development stage to active carbon credit generation, as well as an important industry milestone, being the first Article 6 Authorized labeled carbon credits issued by Verra.

Highlights:

• Rwanda cookstoves project has successfully transitioned to the carbon credit generation stage, with regular future issuances expected at semi-annual intervals.
• 717,558 Article 6 Authorized labeled carbon credits have been transferred to the Company.  
• The carbon credits transferred to the Company are part of Verra’s first ever correspondingly adjusted Article 6 Authorized carbon credits.
• The Company believes that the correspondingly adjusted carbon credits with Verra’s Article 6 Authorized designation will expand the pool of buyers with potential pricing upside.

As first announced in December 2023, the Government of Rwanda issued a letter of authorization (“LOA”) with respect to the Rwanda cookstoves project resulting in Verra announcing it had applied its Article 6 Authorized label to the project, being the first time Verra had applied such designation to a carbon project registered in its Verified Carbon Standard Program.

BCCPC and the DelAgua Group (“DelAgua”), the project developer, have been engaged in discussions as to the best implementation of the LOA. According to the LOA, a copy of which may be found on Verra’s website under project ID 4150, 2% of any issued Article 6 Authorized labeled carbon credit are to be immediately retired to help offset global emissions, 10% of such carbon credits are to be transferred to the Government of Rwanda to help achieve its nationally determined emission reduction targets, and 5% of net revenues generated from the sale of the remaining Article 6 Authorized labeled carbon credits issued will be remitted to United Nations’ global adaptation fund (“GAF”).