Bank of America Corp. (BAC) agreed financing for an emissions-cutting project to sell cooking stoves and fuel in Mozambique, potentially eating into the sub- Saharan region’s $10-billion charcoal market. Under the agreement, Bank of America Merrill Lynch has bought an option at an unspecified price to purchase and market United Nations-overseen Certified Emission Reduction credits that each represent a metric ton of carbon dioxide equivalent, Abyd Karmali, the London-based global head of carbon markets at the bank, said today in a telephone interview.
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