Vitol to buy 7 million CERs worth €45 million from Burundi's first PoA
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 mill....