Vancouver, BC, Canada – Monday, November 3, 2008 – Carbon Friendly Solutions Inc. (TSX Venture Exchange: CFQ) (“CFS“ or the “Company”) is pleased to announce its wholly owned subsidiary Global CO2 Reduction Inc. has signed its first North American land based carbon sequestration project agreement (“the Agreement”) with Trees for Clean Air Inc. (TFCA). This 61 hectare reforestation pilot project is located in Northern Ontario and will remove approximately 225,000 tonnes of CO2 over the duration of the project period and generate the equivalent of 225,000 carbon credits for sale in the Voluntary offset market.
The standards and methodologies used for the project including the quantification, documentation and reporting of carbon dioxide removals will be completed in accordance to Climate, Community & Biodiversity Alliance (CCBA) standards. The company will utilize the services of Rainforest Alliance for third party validation to the CCBA standard.
CFS and TFCA will begin the project design documentation (PDD) and site preparation for this project immediately and planting is scheduled for late spring 2009. Carbon credits generated from this project are scheduled to be sold in the North American Voluntary Markets.
Upon successful completion and sale of carbon credits from the 61 hectare reforestation pilot project, both CFS and TFCA have agreed to discuss further development of additional reforestation programmes on a larger scale to remove carbon dioxide from the atmosphere and fulfill the demand for carbon credits and offsets in the North American Voluntary markets.
“We are very excited about securing our first reforestation project in Canada. To date there has not been any reforestation projects in Canada that have been validated to the CCBA standard and we are pleased to be the first in Canada to follow these rigorous globally recognized standards for land based projects. Current prices for CCBA validated carbon credits are selling in the Voluntary Market between $4.50 to $6.50 USD, and we anticipate having these credits ready for sale in September 2009; said Michael Young, CEO.”
The Agreement During the ten month project implementation schedule outlined in the Agreement, CFS has agreed to pay TFCA three progress instalments for a combined total of $331,889 CAD, to cover reforestation costs associated with the project including; coordinating the signing of the lease agreements with land owners for the 100 year rights to all carbon stored above and below ground, site preparation, the growth and development of seedlings, planting, fencing where required, tree replacement up to five years, ongoing maintenance and silviculture during the first five years to maximize growth rates and carbon sequestration.
About CCBA The Climate, Community and Biodiversity Alliance (CCBA) is a partnership between leading companies, NGOs and research institutes seeking to promote integrated solutions to land management around the world. With this goal in mind, the CCBA has developed voluntary standards to help design and identify land management projects that simultaneously minimize climate change, support sustainable development and conserve biodiversity. Website address http://www.climate-standards.org/ind...
About Trees for Clean Air Trees for Clean Air Inc. (TFCA) is a reforestation and afforestation company that specializes in customized silviculture services for individuals and companies that want to offset carbon emissions. The company provides high-quality trees, expert planting, and tree cultivation services to achieve the clients target survival and growth rates. TFCA is incorporated under the laws of Ontario, Canada and is solely owned by Julie Culverhouse, a Registered Professional Engineer.
About Carbon Friendly Solutions Inc. Carbon Friendly Solutions Inc. (CFS) is a project proponent that provides solutions for companies, organizations and individuals looking to reduce or offset their global warming impact caused by greenhouse gas emissions while including the generation of carbon credits for sale in the global Voluntary and Compliance markets. Through its wholly owned subsidiaries, Global CO2 Reduction Inc. and CO2 Reduction Poland Sp. z o.o., CFS is focusing on removing and offsetting carbon dioxide emissions from the completion of reforestation, biomass energy and renewable energy technology projects that are independently validated and verified to globally recognized standards and methodologies.
On behalf of the Board of Directors Carbon Friendly Solutions Inc.
Michael Young CEO, Director
Certain statements included in this news release contain forward-looking statements, including disclosure concerning possible or assumed future results of operations of the Company. Forward-looking statements typically are preceded by, followed by or include the words – “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions, and the Company’s results could differ materially from those anticipated in these forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
