TORONTO, ON / ACCESSWIRE / February 21, 2023 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is confirming that it has just entered into its 2022 carbon credit verification process, and while the Company won't know the total amount of carbon credits it generated throughout the year for at least another four to six weeks, staff is excited about the process as they onboard more customers eager to take advantage of the program.
Sparta's ERS International officially introduced its carbon credit program to the public in the fall of 2022, after being certified by a third-party auditor, however; the Company can apply e-waste processing from 2021 to its program. The yearly verification process considers the previous year's generation of carbon credits. One tonne of carbon dioxide removed from the atmosphere generates one carbon credit.
"We have a rough idea of how much carbon we have diverted. While we have to wait for a third-party verifier to conduct a thorough review of our program and present the final tally, we suspect we will be seeing an increase of just over 60 percent in credits generated year-over-year, and that percentage is expected to go up substantially in the coming years," said Joseph Cimorelli, Director of Global Business Development for ERS
The Canadian government set a carbon price of $50 per tonne in 2021, that is going up to $65 per tonne as of April 1, 2023. By the year 2030 the price will be $170. Therefore, if all goes as projected, Sparta's generation of carbon credits should have an estimated asset value of $13,600,000 in 2030.
Carbon offsets are designed to counter a company's carbon footprint by funding programs and carbon reduction projects that help reduce greenhouse gas emissions. In the case of Sparta, carbon credits are generated through the upcycling of electronic waste at its ERS facility in Toronto. The carbon credits can be very attractive to businesses that have tried but just haven't been able to reach their environmental goals. In some cases, that goal is to become carbon neutral. The manufacturing sector, airlines, automotive sector, fashion, and technology sectors are among the biggest buyers of carbon credits.
In any given year, Sparta's ERS can process between two and three million pounds of e-waste.
Sparta Group (a.k.a. Sparta Capital Ltd.) is a company focused on advanced technology designed to improve the health of the planet, the health of businesses, and the health of humankind. Sparta owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. At the same time, the company also diverts waste from landfill, transforming it into something of value. While it began as an environmental technology company, Sparta expanded its technological expertise to address the growing demand for healthier workplaces and healthy employees. Its strong Technical Advisory Board reflects Sparta's dedication to advancing technologies that incorporate the latest in high-tech, including Artificial Intelligence (AI), to solve some of the world's pressing problems, including climate change, viral outbreaks, and mounting waste. The company is now structured into three divisions: Environment, Innovation, and Energy. These divisions better categorize the growing list of products and services offered by the Company.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact:
John O'Bireck, President & CTO
Telephone: (905) 751-8004
This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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SOURCE: Sparta Group