DevvStream Holdings Inc. ("DevvStream" or the "Company"), a leading carbon credit investment firm specializing in technology solutions, announced the launch of its Buildings and Facilities Carbon Offset Program (BFCOP), a first-of-its-kind offset project that aims to reduce the barrier to entry for organizations seeking to generate carbon credit revenue within three categories: (a.) energy efficiency activities, (b.) onsite renewable energy generation, and (c.) electric vehicle (EV) charging stations. BFCOP will be rolled out across the US and Canada initially, followed by the EU, and is expected to be active during the summer of 2023. Residential, commercial, and institutional buildings, both new and retrofit, are eligible for the program, and there is no cost to join.
Highlights
? BFCOP is a first-of-its-kind program designed to help building owners in the US and Canada generate carbon credit revenue via energy efficiencies, renewable power, and EV charging stations.
? Residential, commercial, and institutional buildings, both new and retrofit, are eligible for the program. There is no cost to join.
? A significant percentage of net revenue from all carbon credit sales will be shared back with each program participant on a prorated basis.
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 materials1. 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 space2, while Canada maintains nearly 500,000 commercial and institutional buildings3. This represents a tremendous opportunity to impact global emissions while simultaneously generating numerous carbon credits with minimal 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.
BFCOP Program Details
? Building owners join at no cost and submit one or more buildings to the program. A pre-qualification evaluation confirms that the proposed activities meet the program requirements for credit generation.
? Each program participant is responsible for providing ongoing data to DevvStream, which is responsible for undergoing third-party data verification and credit issuance.
? DevvStream is responsible for managing the sale of credits on a regular basis, and a significant portion of net revenue will be shared back with each program participant on a prorated basis.
"The BFCOP 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-quickly and easily," said Sunny Trinh, CEO of DevvStream. "We've developed a robust program with a straightforward onboarding process, advantageous revenue sharing model, professional implementation, and rapid results. We've already made progress in signing our first major participants: For example, Marmota expects to sign agreements with two Canadian cities by July and begin issuing credits by the fourth quarter of 2023. These two cities alone have the potential to generate over 650,000 carbon credits per year with over a dozen more municipalities to follow. 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."
