Director of Country Transitions at the Clean Cooking Alliance (CCA), Lindsay Umalla, has emphasised the importance of accelerating and prioritising clean cooking as one of the significant climate solutions.
She noted that it is impossible to meet development and climate change goals without changing unhealthy cooking practices, especially when it is a huge emitter of greenhouse gases.
“Clean cooking is one of the underfunded energy issues facing the globe, but it is a huge emitter of greenhouse gases, so being able to tackle clean cooking as a climate solution is imperative, and I think it is a huge priority when we are looking at the energy-climate nexus. Addressing clean cooking should be a top priority for any government looking to both tackle energy access and tackle climate change,” she said.
Available data indicates that some 2.4 billion people are without access to clean cooking, costing the world more than US$2.4 trillion in damage to the climate and local economies and contributing to 3.2 million premature deaths each year. Meanwhile, clean cooking only receives about 1% of the estimated US$10 billion per year required to achieve universal access by 2030.
This suggests that the industry will require capital to expand and investment for clean cooking companies to spearhead accessibility.
“Cooking has a huge multiple effect; it is not just talking about energy and climate; it is also about health and livelihood, so it is a huge part of the conversation for multiple sectors, but anchoring this around the conversation of our time, which is climate change, is extremely important,” Ms. Umalla added at the networking event for the Clean Cooking Alliance Venture Accelerator Bootcamp held at the Peduase Resort in Aburi.
Harnessing carbon financing opportunities
Speaking to the media, the Chief Executive Officer (CEO) of Innohub, Nelson Amo, noted that manufacturers of improved stoves capable of reducing greenhouse gas emissions must harness carbon financing opportunities to subsidise their operations.
Recounting the complexity that comes with accessibility, he said his outfit, in partnership with the Clean Cooking Alliance, is poised to assist local manufacturers, which is a reason why they organised the week-long workshop that brought together entrepreneurs from eight countries in West Africa to understand the requirements for accessing carbon finance.
“They hear about the carbon market and carbon finance everywhere, but there is no clarity on what it takes to get there. The first thing that comes to mind when you engage businesses is the level of secrecy, lack of understanding, and complexity around the subject matter, and so we have tried to breakdown this complexity,” he said.
Venture Accelerator
In addition to that, CCA, with support from APA Corporation, has launched the inaugural Venture Accelerator: Carbon Finance Cohort in West Africa, focused on widening the opportunities for small and growing clean cooking companies to participate in the carbon market and attract carbon finance.
Through tailored technical assistance and capacity-building support, the program aims to enhance carbon-related technical and operational capacity in clean cooking enterprises and project developers.
It will also increase mobilisation of carbon finance for clean cooking enterprises by reducing risks for pre-financiers and carbon buyers and supporting ecosystem efforts geared towards building Africa’s participation in carbon markets by supporting the growth of carbon project developers.
