Base Carbon Announces First CORSIA-Eligible Tagged Credits and Sales
TORONTO, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (“BCCPC”, together, with affiliates, “Base Carbon”, or the “Company”), is pleased to announce that the Rwanda Cookstoves Project (the “Project”) has received full eligibility and tagging under the Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”). In addition, first sales of CORSIA-eligible tagged carbon credits from the Project have been completed.
The Project is amongst the first globally to receive Verra’s CORSIA – First Phase, 2024-2026 Eligible (“CORSIA-eligible”) designation, allowing for immediate sale and delivery into global aviation carbon offsetting markets. CORSIA is administered by the International Civil Aviation Organization (ICAO), a specialized agency of the United Nations, and represents the aviation sector’s commitment to carbon-neutral growth from year 2020 onwards. The demand for Phase 1 of CORSIA (applicable to years 2024 through 2026) is estimated to reach 146 to 236 million credits1, which represents a significant market opportunity and monetization pathway for high-quality carbon credits. To achieve formal CORSIA-eligibility tagging within the Verra registry, Base Carbon’s Rwanda project partner, the DelAgua Group (“DelAgua”), had to complete a comprehensive series of technical requirements including migrating the project to the newest methodological standard, securing insurance coverage to address corresponding adjustment obligations and executing a formal deed agreement with Verra.
In anticipation of imminent CORSIA eligibility, over the last several weeks, 300,537 CORSIA-eligible credits have been contracted for sale from both Company-held inventories and credits held by DelAgua which are subject to a revenue sharing arrangement with the Company. These sales represent the Company’s first monetization of CORSIA-eligible carbon credits with financial settlement of these contracts anticipated over the coming weeks. In addition to the above, the Company is currently engaged in several bona fide sales negotiations and RFPs which continue to progress. Given the Company’s strong financial position, it intends to be both strategic and opportunistic with future monetization opportunities.
Immediately prior to the aforementioned sales, Base Carbon held 1,076,230 VM0050 Rwanda carbon credits in inventory, now comprised of 733,874 CORSIA-eligible carbon credits and 342,356 VM0050 carbon credits which have been included in Rwanda’s first Biennial Transparency Report (“BTR”), as well as held an economic ownership subject to a revenue share arrangement with DelAgua on 243,973 CORSIA-eligible credits. The BTR is a mechanism under the Paris Agreement's Enhanced Transparency Framework, and those credits are anticipated to meet CORSIA-eligibility tagging requirements in the short-term without the need for insurance. Following the project’s methodological update last fall, the Company anticipates regular carbon credit issuances on a biannual basis going forward.
“CORSIA tagging is a key validation milestone of Base Carbon’s strategy. We are grateful for DelAgua's partnership and expertise in achieving CORSIA eligibility—their meticulous work on migration, insurance, and compliance requirements has positioned the Project and our inventory exceptionally well,” said Michael Costa, CEO of Base Carbon. “Demonstrating initial sales represents further confirmation of our business model, asset underwriting and portfolio positioning. With increasing demand from global airlines and limited current supply of eligible credits, our inventory and future issuances are well positioned to capture value through expanded monetization opportunities as the CORSIA market continues to mature.”
About Base Carbon
Base Carbon is a financier of projects involved primarily in the global voluntary carbon markets. We endeavor to be the preferred carbon project partner in providing capital and management resources to carbon removal and abatement projects globally and, where appropriate, will utilize technologies within the evolving environmental industries to enhance efficiencies, commercial credibility, and trading transparency. For more information, please visit www.basecarbon.com.
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Cautionary Statement Regarding Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the focus of Base Carbon’s business, the timing and ability to complete the sale of carbon credits contracted for sale, the expected tagging of CORSIA-eligible carbon credits by Verra, the application of the Paris Agreement including the BTR mechanism, the receipt of proceeds from the disposition of carbon credits or revenue sharing arrangements, the implementation of the CORSIA framework and timing of eligibility and participation of carbon credits and carbon credit methodologies thereunder, the market demand and price of CORSIA-eligible carbon credits and the expected issuance and of carbon credits and timing thereof. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” or variations of such words and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. These statements should not be read as guarantees of future performance, results, or achievements.
Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking information are based upon reasonable assumptions and expectations, readers should not place undue reliance on forward-looking information because it involves assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking information.
In respect of the Rwanda cookstoves project, certain factors that influence the commercial success of the project, including the timing and number of expected carbon credits, include among other things: (i) the Company has retained industry leading experts/consultants/advisors to assist with the evaluation, planning, negotiation and execution of the project, (ii) the work product, including monitoring reports, of the project’s validation and verification body, (iii) project carbon credit market prices, (iv) the verification of ongoing project monitoring reports and issuance of carbon credits by Verra, (v) changes to laws, regulation or policies in applicable jurisdictions, and (vi) the Company has sufficient funds on hand to make any required carbon credit purchase price payments.
In respect of the Rwanda cookstoves project, certain assumptions that influence the commercial success of the project, including the timing and number of expected carbon credits, include among other things: (i) distributed cookstoves perform to specification when used and participating households use the devices as contemplated by project estimates, (ii) the Company’s in-country project partner, the DelAgua Group, perform their obligations in connection with the development and operation of the project, (iii) there is no further changes in the project methodologies used by the applicable carbon credit registry or otherwise adopted by project proponents which results in less carbon credits being issuable, (iv) positive market recognition of the attributes linked to the Company’s carbon credits (such as project methodologies and changes thereto) and acceptance of such carbon credits by emissions trading schemes or compliance programs such as CORSIA, and (v) continued participant involvement and public support, including that of applicable governmental authorities, of the voluntary and compliance carbon markets.
The forward-looking statements made herein are subject to a variety of risk factors and uncertainties, many of which are beyond the Company’s control, which could cause actual events or results to differ materially and adversely from those reflected in the forward-looking statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the management’s discussion and analysis for the Company’s quarter ended September 30, 2025 and the most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities (and available on www.sedarplus.ca) for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Should one or more of the risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual events or results may vary materially and adversely from those described in the forward-looking information. The forward-looking information contained in this press release is provided as of the date of this press release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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1 Source: IATA, IATA and Industry Partners Urge Governments to Expedite Release of CORSIA Eligible Emissions Units, September 2025. Available at: iata.org.
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