VANCOUVER, British Columbia, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DevvStream Holdings Inc. (“DevvStream” or the “Company”) (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project development and generation firm specializing in technology solutions, and Global Green, the American affiliate of Green Cross International (GCI), a global non-governmental organization founded by President Mikhail Gorbachev in 1993, announced today in celebration of Climate Week that Megan Fox, Dr. Jane Goodall, and Robert Redford will serve as co-ambassadors for the Buildings and Facilities Carbon Offset Program (BFCOP).
Launched in May 2023 by DevvStream, BFCOP is a first-of-its-kind offset project that aims to reduce the barrier to entry for organizations seeking to generate carbon credit revenue within two main categories: (a.) energy efficiency activities, and (b.) onsite renewable energy generation. Residential, commercial, and institutional buildings, both new and retrofit, are eligible for the program, and there is no cost to join.
An estimated 40% of global energy-related carbon emissions can be attributed to buildings—approximately 30% from their operations and the remaining 10% from construction and materials[1]. According to the Energy Information Administration (EIA), there are nearly 6 million commercial buildings in the United States containing nearly 100 billion square feet of space[2], while Canada maintains nearly 500,000 commercial and institutional buildings[3]. This represents a tremendous opportunity to impact global emissions while simultaneously generating numerous carbon credits with minimal financial risk to participants. To capitalize on this opportunity, DevvStream will leverage its relationship with Global Green, which offers immediate and direct access to 29 major municipalities across the US as well as dozens of multinational corporations with extensive building portfolios, while the Company’s joint venture Marmota will address the Canadian market through its established relationships with municipal and provincial governments nationwide.
“We’re honored to have the help of Ms. Fox, Dr. Goodall, and Mr. Redford in communicating the value of the BFCOP program,” said Sunny Trinh, CEO of DevvStream. “The program will enable building owners to generate additional revenue streams from activities that generate emission reductions—activities that they might not be aware can produce carbon credits. We expect BFCOP to serve as a true catalyst to reduce the carbon footprint of the built environment by helping generate additional revenue to accelerate decarbonization efforts.”
“Global Green envisions a world in which there is no conflict between our economic needs and sustainable systems of life,” said William Bridge, Global Green CEO & Chairman of Green Cross International. “The BFCOP program offers a perfect example of this synergy in action. As building owners make tangible improvements to reduce emissions and make their facilities more sustainable, they receive economic benefits in the form of carbon credit revenue. And, importantly, these carbon credits are based on the implementation of technologies like EV charging stations and LED lightbulbs, which helps ensure that the program can be scaled to serve Global Green’s entire network of municipalities and corporations. That’s why we chose DevvStream as our carbon credit partner. They not only share our values, but they also are the only provider who could avoid the highly publicized pitfalls of the carbon market through their datacentric, technology-focused approach.”
Ms. Fox, Dr. Goodall, and Mr. Redford released the following joint statement. “The theme of this year’s Climate Week is ‘We can. We will.’ How to do more, even faster. One way we can achieve that goal is through carbon reduction activities in buildings and facilities, which account for an overwhelming share of global energy-related carbon emissions. We are pleased to be working alongside DevvStream and Global Green to help spread awareness about their Buildings and Facilities Carbon Offset Program, designed to accelerate the adoption of energy efficiencies and renewable power while producing high-quality carbon credits to help finance these critical efforts.”
About Global Green
Global Green is the American affiliate of Green Cross International (GCI), an international non- governmental organization founded by President Gorbachev in 1993. For nearly 30 years, Global Green has served as a recognized national leader in advancing smart solutions to climate change that improve lives and protect the planet, with the mission to foster a global value shift toward a sustainable and secure future. Programmatically, Global Green works to create green cities, neighborhoods, affordable housing, and schools to protect environmental health, improve livability, create sustainable communities, and support the planet's natural systems. In service of its mission, Global Green has partnered with over 50 organizations including local and federal governments, Fortune 100 companies, academic institutions, international groups and private foundations.
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. 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.com. 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
For further information please contact:
DevvStream@icrinc.com and info@fcir.ca
Resources
- https://worldgbc.org/advancing-net-zero/embodied-carbon/
- https://www.eia.gov/todayinenergy/detail.php?id=46118#
- https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/climate-plan-overview/healthy-environment-healthy-economy/annex-homes-buildings.html
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d6b83cd4-40d2-4ecb-be95-04cc84f49b1d
