Bank of America Carbon Deal Taps $10-Billion Charcoal Market

Bank of America Corp. 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.