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Ostrom Climate Provides Corporate Update
Company Announces ERPA for Philippine Climate-Smart Agriculture Project, Provides BC OBPS Complia...
About this update from Ostrom Climate Solutions Inc
[{"type":"text","content":"Ostrom Climate Provides Corporate UpdateCompany Announces ERPA for Philippine Climate-Smart Agriculture Project, Provides BC OBPS Compliance Support, and Highlights Quadra Island Forest Project VANCOUVER, BC / ACCESS Newswire / March 20, 2025 / Ostrom Climate Solutions Inc. (\"Ostrom\" or the \"Company\") (TSX-V:COO)(Frankfurt:9EAA), a leading provider of carbon project development and climate solutions, is pleased to provide a corporate update covering key milestones in its global carbon project portfolio. This includes the signing of an Emission Reduction Purchase Agreement (ERPA) for its flagship Climate-Smart Agriculture project in the Philippines, an overview of British Columbia's Output-Based Pricing System (BC OBPS) and Ostrom Climate's role in supporting compliance, and the Quadra Island Forestland Conservation Project's contribution to high-quality carbon offset supply for the BC OBPS.Ostrom Signs Emission Reduction Purchase Agreement for Climate-Smart Agriculture Project in the PhilippinesOstrom entered into an Emission Reduction Purchase Agreement (ERPA) with a Fortune Global 500 corporation for the Upper Pampanga River Climate-Smart Agriculture Rice Project (UPRIIS) in the Philippines. This agreement includes an advance payment for carbon credits to fund project development costs, which helps reinforce Ostrom's ability to assess risks, mitigate them, and execute this high-integrity carbon project. The ERPA relates to the purchase of Verified Emissions Reductions (VERs), which are independently verified carbon credits representing the reduction of one metric tonne of carbon dioxide equivalent (tCO2e). The first payment under this ERPA has been received as a prepayment against future VERs and becomes repayable if the Company is unable to deliver the credits under the terms of the ERPA. Due to confidentiality agreements, further details cannot be disclosed at this time.UPRIIS has the potential to span over 100,000 hectares in Central Luzon, and is expected to generate high-quality carbon credits over its planned 21-year term, with compliance potential under Article 6 of the Paris Agreement. Proceeds from carbon credit sales will directly benefit local partners, including the local irrigation authorities and rice farmers.Tejinder Virk, CEO of Ostrom stated, \"We are excited to partner with a leading global corporation as...