Business
ITOCO Enhances Its Carbon Credit Potential by Increasing Nopal Cactus Plantation Land Areas Under Contract by 40% to a Total of 1,450 Hectares
ITOCO Enhances Its Carbon Credit Potential by Increasing Nopal Cactus Plantation Land Areas Under Contract by 40% to a Total of 1,450 Hectares.
About this update from Itoco Inc
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / September 28, 2021 / ITOCO INC. (OTC PINK:ITMC) is pleased to have received final signatures on an additional 436 hectares of Nopal Cactus Plantations in State of Mexico and Hidalgo State, Mexico from 125 additional farmers.As before, ITOCO has applied to "Verra Standard (VCS)" for the certification of approximately US $750k in Carbon Credits based on the extractive properties of the Nopal Cactus plant vis a vis Carbon on this first land package. ITOCO's expectation is to be in receipt of funds upon final verification by Verra.Carbon Credit numbers above are based on the lowest values per ton received on similar packages.The Government of Mexico has strongly endorsed the Paris Agreement that was adopted at the twenty first session of the Conference of the Parties ("COP") to the United Nations Framework Convention on Climate Change (UNFCC) to mitigate Green House Gas ("GHG") emissions.ITOCO is now on track to get final signatures on about 60,000 hectares of Nopal Cactus Plantations in Mexico. The land package represents the farming activities of about 11,000 individual farmers in Mexico.ITOCO is in advanced negotiations on substantial additional Nopal Cactus Plantation acreage as well as suitable raw land both in Mexico and Internationally.ITOCO estimates that its current land package alone will yield up to USD $45 million annually in Carbon Credits, using a 40% discount to current Carbon prices.ITOCO has the ability to produce an ever-increasing number and value of Carbon Credits. As an early entrant to this Market, ITOCO stands to benefit from increasing Carbon prices.As background, The Kyoto Protocol of 1997 and the Paris Agreement of 2015 are international accords that lay out international CO2 emissions guidelines. The Paris Agreement was ratified by virtually all countries thus giving rise to worldwide emissions limits and regulations backing them.As a result, there is increasing pressure on firms and countries to find ways to reduce their carbon emissions (footprint).Today's solutions generally involve ‘Carbon Markets' that have turned Carbon into a commodity with a price, and into a market that is continuously and rapidly growing.Thus, we have ‘Carbon Credits' and/or ‘Carbon Offsets' that can both be bought and sold on a carbon market. Purchasing C...