Modern West And Vertex Announce Integrated Joint Venture To Accelerate Atmospheric Carbon Removal Projects
Calgary, Alberta: Vertex Resource Group Ltd. (“Vertex”) (TSXV:VTX) and Modern West Climate Finance Group (“Modern West”) have come together to create Wallaby Climate Solutions (“Wallaby”), a strategic joint venture focused on accelerating the development of nature-based climate solutions to reduce atmospheric carbon emissions and enhance biodiversity for customers across North America. As a developer of nature based offset solutions and emission removal projects both Vertex and Modern West see Wallaby as a timely response to a growing problem in carbon offset markets, which is a lack of both quantity and quality of carbon elimination offsets.
Wallaby is a project development accelerator, creating an investment vehicle for clients across the economy with hard to abate emission sources to access high quality carbon removal offsets. Additionally, Wallaby is a vehicle for landowners and Indigenous communities to monetize their environmental protection and land restoration objectives through the development of high-quality carbon removal projects.
Wallaby Climate Solutions is the project development arm of two like-minded, ESG focused environmental service companies with very complementary technical skills: Vertex as a field-based, environmental consulting and plant sciences firm with expertise in large scale site reforestation and site reclamation; and Modern West as an environmental advisory firm with offset project development and carbon market expertise, and preferential access to global markets.
“Wallaby is a strategic joint venture for Vertex. Partnered with Modern West, we see Wallaby as a vehicle to use our extensive experience in land restoration and field environmental services to develop offset solutions at a pace that we simply could not do on our own. We believe the venture is filling an important need in the carbon offset market, which is employing patient capital into the nature-based carbon removal markets,” says Paul Blenkhorn, VP Consulting at Vertex.
“We are very excited to have a ‘boots on the ground’ partner in Vertex, who is purposefully managing and restoring our natural environment on a day-to-day basis. Reducing GHG emissions across our economy in a short time frame is complex – it requires a multitude of sustainable solutions, especially in hard to abate sectors or industrial processes,” says Matt Toohey, Director at Modern West Climate Finance. “Nature based solutions are a key lever to supporting a smart energy transition, and have additional benefits, such as increasing biodiversity and connecting us with the power of nature.”
Supporting all industries to reduce greenhouse gas (GHG) emissions, Wallaby Climate Solutions seeks strategic partnerships with corporations, individuals, Indigenous communities, and landholders to invest in long-term solutions that align with corporate ESG objectives.
Modern West Climate Finance is a part of the Modern West Group of Companies. This includes its benchmark business, Modern West Advisory, a strategic advisory firm providing ESG leadership, climate and energy transition strategies. Modern West will utilize its 20 years of carbon market expertise to identify value and manage Wallaby’s project development. Modern West’s ESG initiative, the One Million Tonne Club, which donates $0.01 to a water treatment not-for-profit for every CO2e removed, will play a pivotal role in the project's social component.
Vertex Resource Group is a leading environmental services company in North America that will manage field operations and partnerships with Indigenous communities and other landowners. Vertex maintains relationships with multiple Indigenous communities across North America with a number of its formal working relationships registered with Indigenous Services Canada (“ISC”) and the Canadian Council of Aboriginal Business (“CCAB”).
Wallaby is an ESG aligned investment vehicle offering verifiable nature-based carbon offset solutions. More information below.
Dani Urton, Sector Lead – Energy Transition & Climate Change
Vertex Resource Group
Matt Toohey, Director
Modern West Climate Finance Group