SusGlobal Announces Additional Sales of Carbon Credits and VERRs Generated from Its Belleville Composting Offset Project
Toronto, Ontario--(Newsfile Corp. - October 12, 2023) - SusGlobal Energy Corp. (OTCQB: SNRG) ("SusGlobal" or the "Company"), an environmental, agricultural and industrial biotechnology and renewables company, Leaders in The Circular Economy® today announced that its wholly owned subsidiary SusGlobal Energy Belleville Ltd. ("SusGlobal Belleville") has generated approximately 12,500 additional Verified Emission Reductions and Removals ("VERRs") and sold a further 9,000 carbon credits as part of the Anew™ SusGlobal Belleville Composting Offset Project in Ontario (the "Project"). The Project has generated approximately 137,000 VERRS (generated from 2017 through 2022).
The Project and report are listed on the GHG CleanProjects® Registry, https://www.csaregistries.ca/GHG_VR_Listing/CleanProjectDetail?ProjectId=909
a business unit of the Standards Division of the Canadian Standards Association ("CSA") for developed and marketed greenhouse gas ("GHG") offset credits from the Company's 49-acre Organic & Non-Hazardous Waste Processing & Composting Facility in Belleville, Ontario. The Project was developed by Anew Climate, LLC formerly known as Blue Source Canada ULC) ("Anew").
SusGlobal Belleville is an aerobic composting facility that processes residential source separated organic ("SSO") and industrial, commercial and institutional ("ICI") organic waste into compost. Waste is collected from local municipalities including the City of Belleville, County of Northumberland, the Municipality of Port Hope, the Township of Cavan Monaghan and Prince Edward County.
The Project has enabled an increase in the diversion of organic waste from landfills, thereby avoiding methane generation. Methane is a highly potent greenhouse gas which is 28 times more effective at trapping heat energy in our atmosphere than carbon dioxide. As organic wastes decompose in landfills, the methane builds up and must be released to prevent dangerous working conditions. By diverting waste that contributes to this problem, the Project benefits the community as well as the climate.
The continued sale of carbon credits expands the Company's ability to deliver on its mission to reduce organic wastes from wood, leaf and yard material, treated municipal sewage waste (biosolids), residential curbside green bin material or SSO, ICI and paper sludge otherwise destined for landfills.
GHG CleanProjects® Registry, a business unit of the Standards Division of CSA, is the service provider which owns and operates the Registry for the purpose of complementing ISO 14064-1, ISO 14064-2, ISO 14064-3, and ISO 14065 Standards and facilitating transparency, accuracy, consistency, completeness and relevance in reporting, validating and verifying of greenhouse gas emission reductions or removal enhancements relating to methodologies and existing and yet-to-be developed greenhouse gas programmes.
The VERRs are greenhouse gas emission reductions or removals relating to the Project as verified by an independent third party in accordance with the ISO 14064 Standards and all applicable GHG Programme requirements. Without limiting the foregoing, VERRs also encompass such verified project-based environmental products as they occur and are known in specific GHG Programmes including GHG credits, registered emission reductions, carbon credits, certificates, credits, offsets and similar environmental products.
"We are pleased with the continued amounts that Anew has marketed and sold as part of our Company's carbon credits monetization initiative, allowing us to generate additional revenues," stated Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. "Reflecting the value of these credits in our quarterly reporting is important as we embark on further initiatives to benefit from environmental attributes of renewables, continuing our diversion from landfill objective while producing regenerative products as part of our Circular Economy model, with the goal of maximizing shareholder value."
Municipalities continue to seek out opportunities to divert organic waste from landfills. Composting facilities and the level of sustainability built into their management model will play a key role in this redistribution of waste. The revenue from these credits is anticipated to drive technological advancements that will expand composting efforts at the Belleville facility and other municipalities throughout North America.
As the province of Ontario develops and implements a food and organic waste disposal ban regulation under the Environmental Protection Act, prohibiting the disposal of food waste and organic waste at waste disposal sites (e.g. landfills, incineration facilities) supports the beneficial use of recovered organic resources. This disposal ban on food and organic waste creates new opportunities for waste reduction, surplus food rescue, and offers new approaches to resource recovery creating value at all levels of the value chain. A disposal ban will drive investment in resource recovery systems, create jobs and support innovation in the province, significantly reducing reliance on landfills, benefiting SusGlobal infrastructure, assets, licenses, and capabilities to produce lower carbon options at existing facilities.
About SusGlobal Energy Corp.
SusGlobal Energy Corp., the developer of SusGro™, an award winning and revolutionary pathogen free organic liquid fertilizer, is an environmental, agricultural and industrial biotechnology company focused on acquiring, developing, and monetizing a portfolio of proprietary technologies in the waste to energy and regenerative product applications globally. It is management's objective to grow SusGlobal into a significant sustainable waste to energy and regenerative products provider and a trusted brand for the fertilizer, soil and aquaculture market, as LEADERS IN THE CIRCULAR ECONOMY®. For more information, please visit the Company's website at: www.susglobalenergy.com
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's objectives. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, lack of sufficient financial resources; variations in market conditions, currency and our stock; the Company's ability to obtain any necessary permits, approvals, consents or authorizations required for its activities; the Company's ability to produce energy, biogas, compost or organic fertilizer from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company's filings with the U.S. Securities and Exchange Commission, which may be viewed at www.sec.gov.
SusGlobal Energy Corp.
Marc Hazout, President and CEO
(416) 223-8500 or Toll Free: 1-866-512-7374
SOURCE: SusGlobal Energy Corp.
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