Business
Key Carbon & Marex Group Announce Carbon Financing and Investment
VANCOUVER, British Columbia and LONDON, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Key Carbon and Marex Group Plc (“Marex”) today announce a partnership whereby Marex
About this update from Marex Group Plc
[{"type":"text","content":"VANCOUVER, British Columbia and LONDON, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Key Carbon and Marex Group Plc (“Marex”) today announce a partnership whereby Marex will take a minority stake in Key Carbon and provide financing for carefully-sourced offset projects. Key Carbon sources and finances carbon credit projects and provides ongoing governance, monitoring and operational support to ensure its projects are held to the highest quality and integrity standards. The funding from Marex will predominantly be used to help finance the production and distribution of low-emission, affordable cookstoves within Africa through the project developer Global Cookstoves, Key Carbon’s joint venture with BURN Manufacturing (“BURN”). To date, Key Carbon has provided US$45 million in funding to Global Cookstoves to expand the roll out of critical projects across eight African countries. This partnership will allow Marex to gain access to a wider carbon client base as well as streams of carbon credits, as it seeks to grow its environmental business and support clients as they transition to a low carbon economy. Inclusive of this latest funding from Marex, Key Carbon will have funded over 1.5 million biomass-fuelled cookstoves across 8 countries in Africa, improving the lives of an estimated 7.5 million people. These highly efficient cookstoves, along with other projects funded by Key Carbon, are expected to avoid or remove more than 46 million tonnes of carbon dioxide (“CO2”) or CO2 equivalent. Luke Leslie, Co-Founder and CEO of Key Carbon, said: “This latest partnership is a powerful endorsement of our approach to investing in the VCM and demonstrates our ongoing ability to attract meaningful funding in a challenging market through our robust approach to sourcing and governance. Partnerships like this will be critical to accelerating climate action and delivering tangible benefits to vulnerable communities.” Bastien Declercq, Head of Environmental at Marex, said: “This partnership will allow us to further diversify our emissions offering and give us access to a new range of market participants that we can service through our comprehensive platform. Reliable access to trustworthy sources of carbon credits has held the market back in the last few years. By moving up the value chain we can play a more relevant role for our clients in helping them to t...