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Barclays, Jaguar Buy Ghanaian CO2 Credits, ClimateCare Says

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Ghana Stove Project Gets First Carbon Credits
Erica Teye, Gyapa retailer in Accra, Ghana (pictured) sold over 15,000 Gyapa stoves, yielding US $5,000 profit which allowed her to expand her business, hire three new employees, purchase land to build her own house, and send her children to school. Photograph by ClimateCare via Bloomberg

Feb. 7 (Bloomberg) -- Barclays Plc and Jaguar Land Rover have bought carbon credits from a Ghanaian project that uses faster-cooking stoves to burn less fuel, according to ClimateCare, an emissions-reduction project developer.

ClimateCare sold some credits last week at 11 euros ($14.55) a metric ton, Edward Hanrahan, a founder and director of ClimateCare, said in a telephone interview. Barclays, Land Rover and CDC Group Plc, Britain’s development finance unit, are among buyers from the project, he said.

“ClimateCare helped open up carbon funding to cook stoves and we believe this is just the start of what we can achieve in tackling climate change and poverty together through intelligent carbon and development finance,” Hanrahan said in an e-mailed statement. The Oxford, England-based company was taken private in August after a management buyout from JPMorgan Chase & Co.

Replacing traditional wood-burning fires with cleaner stoves may help fight climate change and reduce poverty by lowering cooking costs. About 2.7 billion people, or 40 percent of the world’s population, do not have access to clean cooking facilities, according to the International Energy Agency. Traditional methods can aggravate respiratory diseases and contribute toward 1.5 million premature deaths a year from indoor air pollution, the IEA’s Chief Economist Fatih Birol said in an October interview.

Gold Standard

The project, started five years ago, has so far delivered 287,000 stoves and avoided the release of about a quarter of a million tons of carbon dioxide, Hanrahan said. The credits were delivered to ClimateCare on Feb. 3 from The Gold Standard Foundation. It’s the largest single delivery of its kind, according to an e-mailed statement from the company.

ClimateCare said it worked with Enterprise Works, a not-for-profit group based in Washington, D.C., to develop the project. The CO2 avoided is awarded with so-called Gold Standard carbon credits, a voluntary offset standard that emphasizes sustainable development.

The project may produce about 250,000 metric tons of carbon credits each year and will continue until 2014, Hanrahan said.

Retailers, banks and supermarkets are among buyers of voluntary offsets as a way to reduce their impact on the environment. They can’t be used to comply with United Nations targets under the Kyoto Protocol or the European Union’s emissions trading system.

European Union emissions permits for December have risen 20 percent so far this year to 8.75 euros a metric ton. That’s as power stations and airlines boost demand for the allowances in order to comply with pollution limits.

To contact the reporter on this story: Catherine Airlie in London at cairlie@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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