DevvStream Inks Multi-Year Purchase Deal for 250K Carbon Credits
DevvStream Holdings Inc., a technology-based environmental, social, and governance (ESG) company, has made another significant stride in the world of carbon credit trading by securing a multi-year carbon credit purchase agreement with a Canadian subsidiary of a major investor-owned energy company.
This groundbreaking agreement marks a pivotal moment for DevvStream as it reinforces its position as a leading player in carbon credit project development and generation, with a specialized emphasis on technological solutions.
Under this multi-year agreement, the buyer committed to purchase 250,000 carbon credits from DevvStream. Generation of these carbon credits would adhere to compliance programs in Alberta and British Columbia for at least 3 years. They will also be subject to meeting specific conditions like regulatory requirements in BC.
Trading Carbon Credits in Compliance Markets
A critical aspect of trading carbon credits in the compliance carbon market is that they must align with the relevant national, regional, and international policies and legislation. DevvStream will produce the credits according to the Technology Innovation and Emission Reduction (TIER) Regulation, enacted under Alberta’s Emissions Management and Climate Resilience Act.
The company will also ensure alignment with British Columbia’s forthcoming Output-Based Pricing System (OBPS). In case the OBPS is not yet finalized during the agreement’s term, equivalent voluntary credits can be an alternative, at the buyer’s discretion.
Voluntary carbon credits are also known as carbon offsets. DevvStream also offers a range of targeted and scalable carbon offset programs (COPs) to meet the agreement’s requirements. These carbon offset programs include:
emission reduction activities in road transportation and maintenance,
buildings and facilities program,
energy-efficient lighting,
electric vehicle charging stations, and
methane abatement initiatives focusing on sealing orphaned oil and gas wells,
To ensure scalability and effectiveness, DevvStream’s COPs employ the Program of Activities (PoA) approach. This model is recognized by the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC). Applying it enables DevvStream to bundle up multiple eligible activities across predetermined jurisdictions, promoting quick deployment at scale.
Committing to Carbon Credit Integrity
Sunny Trinh, DevvStream’s CEO, emphasizes the company’s commitment to generating top-quality carbon credits that adhere to strict environmental standards. These credits will align with the Integrity Council for the Voluntary Carbon Market (ICVCM) Core Carbon Principles and also comply with robust methodologies outlined in Canadian law.
Trinh further asserts that their ability to work around strict regulations showcases DevvStream’s operational excellence in the carbon space.
The initial batch of carbon credits will be delivered by 2024, with the final delivery slated for 2026. The agreement also allows for the possibility of purchasing an additional 400,000 credits beyond the specified period.
This landmark agreement highlights the surging demand for carbon offsets generated through DevvStream’s diverse programs. As environmental concerns continue to take center stage, partnerships like these contribute significantly to addressing climate change while adhering to stringent compliance and quality standards.
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