Climate Connect News, 17 November 2011, London:
VITOL, the world's leading energy trading firm has signed a landmark agreement to forward-purchase 7 million CERs to be generated from the first-ever CDM project and Program of Activity in Burundi. The deal represents an estimated value of €45 million over 7 years based on current market price. Carbon credits will be generated through the replacement of 250,000 traditional stoves using charcoal produced out of severely endangered forests. New efficient cookstoves will be distributed by BQS who is also ensuring the long term supply of households with small sticks of renewably harvested fuel wood. Total project investment amounts €7 million over the next 3 years.
BQS has already been running a successful bioresidues briquette-manufacture since 2006. “People’s difficulty to cope with daily energy needs in the context of an ever-increasing degradation of the wood fuel resources is a must-solve issue we are proud and enthusiastic to engage. The precious help of ecosur afrique and VITOL will definitely allow us to champion this challenge and fast-track the delivery of state-of-the art cookstoves and green cooking fuels to every corner of Burundi. With the granted support of our top authorities, Interbank
Burundi and community leaders, we will kick-off the pilot stage of 5,000 stoves by the end of the year in Bujumbura before rolling-out in 2012-2013” confessed Ephraim Ndayishima, BQS Managing Director.
In addition to curbing deforestation and generating real and measurable greenhouse gas emissions reductions, the program will enable indisputable economical social and health benefits for the population of Burundi, 70% of which live under the poverty line. Indeed, it will more than halve families’ expenses from charcoal purchase and foster employment of hundreds of locals for both stoves assembly and biomass supply.
Carbon credits are purchased by VITOL, the largest CERs buyer worldwide whose carbon desk manages a portfolio of 300 million. CERs arising from 500 CDM projects. Michael Curran, Head of CO2 at VITOL, outlined the group’s strategy: “This further demonstrates Vitol’s commitment to African LDC carbon projects and our determination to access forward streams of quality carbon credits for the post-2012 emissions trading schemes.”
The overall transaction has been structured by ecosur afrique, the leading CDM services provider in Africa. The company is also mandated to coordinate the entire UNFCCC procedure. Project registration is expected in Q4 2012.
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