TORONTO, ON / ACCESSWIRE / October 4, 2022 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") has launched an advanced carbon credit program for its electronic waste clients seeking to offset their carbon footprint, a move that secures a foothold and a new revenue stream within the lucrative worldwide push towards putting a price on carbon emissions.
ERS International ("ERS International"), Sparta's e-waste division, established the program, becoming one of the first companies in Canada that can exchange both scrap IT (Information Technology) or reusable IT with carbon credits after initiating and completing a comprehensive audit of its carbon emission reductions between 2013-2021. All scientific calculations, the monitoring protocol, and the processing plan were approved by the Canadian Standards Association ("CSA").
An independent and certified third-party auditor credited ERS International with diverting nearly 80,000 (79,987) tonnes of carbon dioxide from entering the atmosphere within that time frame. The Canadian government has set a 2022 carbon emission price of $50 per tonne, an amount that will automatically increase to $65 per tonne in 2023, and is projected to reach $170 by 2030; giving the ERS International carbon credits an estimated asset value of approximately $4,000,000 this year, rising to $5,200,000 in 2023, and reaching $13,600,000 in 2030 - if all goes as projected.
The above does not include the average 9,000 (8,887) tonnes that are generated each year by the reuse and recycling of the truckloads of electronics arriving at the ERS International Toronto processing facility each day, adding another $450,000 per year in value, an amount that will rise as carbon pricing increases.
"We have a rare program to offer up credits to incentivize businesses to turn to ERS International for their primary e-waste handling needs, which in-turn enhances the Company's bottom line over the long term. Our customers get safe, secure upcycling services and can gain carbon credits to offset their emissions. Since we are one of only a few recycling facilities in North American that can calculate and trade excess carbon off-take to companies, it means we don't necessarily have to sell them, but can use them strategically to acquire more inventory. This is what can happen when you have very little competition," said ERS International's Director of Global Business Development, Joseph Cimorelli.
"We already have two significant customers who are taking full advantage of this unique and environment friendly program and hopefully more to join as the word catches on," added John O'Bireck, President and Chief Technology Officer of Sparta Group.
Carbon credits are equal to the difference between how much greenhouse gas is created from making the same product from virgin materials and how much greenhouse gas is created when using upcycled or re-purposed materials/products."
More than 40 countries now have carbon pricing systems and analysts report that the global carbon market grew 164 percent in 2021. When speaking about carbon credits and pricing at COP26, Prime Minister Justin Trudeau said, "These are the kind of ideas that when their time has come, people start to adopt."
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company that 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. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning, and other shared services to its independent businesses.
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
Email: [email protected]
Telephone: (905) 751-8004
The 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 based on 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