04:39 PM EDT, 04/16/2024 (MT Newswires) -- Carbon Done Right Developments Inc. ( KLXDF ) , a provider of carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the company and its stakeholders, announced Tuesday the completion of all milestones required for the fourth disbursement under the pre-purchase agreement reached with BP Carbon Trading Ltd announced on the June 14, 2023.

According to a statement, the next milestone for a further disbursement is due within the next four weeks.

CEO James Tansey in the statement said: "This fourth milestone demonstrates continued progress with this critically important project. The restoration sites focus on abandoned land in Sierra Leone and provide direct income to the smallholders within these communities and long-term revenue sharing benefits. The project also demonstrates a model for large scale restoration of native species that begins to reverse decades of damage to the climate from deforestation. Restoring nature's capacity to sequester carbon is a key strategy for reversing and preventing climate change. The in-country team is busy preparing for the 2024 planting season where we expect to plant native tree species on up to 2,000 ha of additional degraded land."

The company is developing the large-scale rewilding reforestation project in Sierra Leone over an initial area of 5,000 ha, with the aim of extending by a further 20,000 ha. The initial project area of 5,000 ha can produce up to 1.7 million tonnes of validated and verified Verra carbon credits over 30 years. The total pre-purchase amount will be repaid through the delivery of validated and verified carbon credits to the pre-purchaser.