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JPMorgan Chase Subsidizes Stoves in Africa to Earn Carbon Credits

JPMorgan is subsidizing the distribution of efficient cooking stoves in Africa because the new, improved stoves save fuel and produce less carbon dioxide than traditional stoves. JP Morgan generates carbon credits that can be sold to companies or individuals who want to offset their own emissions.

JPMorgan will expand its support for cook stoves from Uganda into Kenya, Ghana, Cambodia and beyond. Each stove is estimated to reduce carbon dioxide emissions by two to three tons a year; each ton generates a credit worth $10 or $15 a year, and potentially more, for the bank. Instead of financing a single emissions-trapping project, JPMorgan and its partners are enabling thousands and, potentially, millions of small transactions. Similar projects that aggregate lots of small transactions are in the works.

In exchange, the bank gets carbon credits that it sells to such buyers as Land Rover UK, which promises to offset the carbon emissions of its new vehicles, and Aviva, a big British insurance company. Climate Care also sells offsets to consumers who want to mitigate their personal emissions.

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