African Guarantee Fund ,Clean Cooking Alliance partner to promote investments in clean cooking companies

The African Guarantee Fund (AGF) and the Clean Cooking Alliance (CCA) just lately introduced a partnership that promotes investments in clean cooking companies and programmes.

The two organizations will concentrate on markets in East, Southern, and West Africa, the place they see a big want and alternative to broaden investments in inexperienced tasks by means of clean cooking.

“The partnership will enable carbon project developers to access pre-financing, thus helping to speed up both customers’ access to clean cooking,” says Feisal Hussain, Senior Director of Innovative Finance on the Clean Cooking Alliance (CCA).

The CCA, a non-profit organisation, operates with the assist of the United Nations Foundation to promote clean cooking applied sciences in decrease and center revenue nations. Feisal Hussain says the CCA will use its community throughout the cooking and carbon markets in its partnership with the AGF in Africa. “We aim to lower the entry barrier for smaller clean cooking companies, helping to build carbon markets that are accessible to many.”

The International Energy Agency (IEA) estimates that 970 million Africans lack entry to clean technique of cooking. And latest spikes in the value of cooking fuel have pressured tens of millions again into extra polluting however cheaper alternate options.

According to the United Nations Framework Convention on Climate Change (UNFCCC), if nothing is finished to offer cleaner cooking alternate options, 1.67 billion Africans will depend on wooden and charcoal for cooking by 2050.

That has critical impression on local weather, on the conservation of African forests, and particularly on well being. According to 2022 information from the World Health Organization (WHO), 3.2 million folks already die prematurely yearly from diseases attributable to family air air pollution. No due to the unfinished combustion of stable fuels and kerosene used for cooking. But partnerships corresponding to that between AGF and CCA may also help to stem the harmful tide.

 “Our partnership with the Clean Cooking Alliance targets financial institutions to enable them grow their clean energy portfolios by developing innovative financial solutions that promote clean cooking and use of clean fuels,” AGF Group CEO, Mr. Jules Ngankam mentioned. 

AGF’s Green Guarantee Facility and Technical Assistance, based on Jules Ngankam, will deal with capacity-building gaps and dangers that encompass lending to inexperienced SMEs throughout Africa. 

“It will also prepare these SMEs to become credit and investment-ready to allow them fully play their role of promoting sustainability and growing Africa’s green economy.”

Earlier this month in Vienna, the OPEC Fund for International Development (the OPEC Fund) and the United Nations Industrial Development Organization (UNIDO) deepened their partnership in advance clean power transition port of the National Clean Cooking Transition Program in Madagascar.

The OPEC Fund grant will finance detailed research and pilot tasks as a part of the Madagascar clean cooking transition programme. OPEC Fund is funding the programme with a US$35 million mortgage. UNIDO and mission companions may even develop a framework to trace improvement outcomes.

“We are very pleased to expand our cooperation with UNIDO and to support our flagship clean cooking program in Madagascar with UNIDO’s vast technical and advisory expertise, which is critical for an effective implementation,” OPEC Fund Director-General Dr. Abdulhamid Alkhalifa mentioned. 

UNIDO is working with the OPEC Fund to broaden using clean fuels and applied sciences to enhance well being and dwelling situations of communities in Madagascar, Director-General of UNIDO Gerd Müller mentioned.  “This partnership will make a difference as we plan to roll-out clean cooking solutions to 500,000 households in five cities across the country.”

In Nigeria, a brand new Joint Venture settlement goals to take a position in a spread of carbon avoidance and removals tasks as a part of efforts to assist the power transition plan in Africa’s most populous nation.

The Nigeria Sovereign Investment Authority and Vitol, a world power and commodities firm, accomplished the Carbon .  Both events have put aside an preliminary $50 million to the brand new enterprise. 

The JV’s first funding will go right into a family power effectivity programme. The programme, for a begin, will deploy as much as 200,000 gadgets every for clean cooking and water filtration.

“For countries like ours rich in fossil fuel, we also find ourselves in a situation where we are energy poor,” notes Vice President Yemi Osinbajo. The Nigerian Vice President says the power transition stays powerful for gas-rich and fossil fuel-rich nations.  

That mentioned, Yemi Osinbajo believes clean power holds quite a lot of promise for the continent. “I believe Africa can become the first truly green civilisation to use renewable fuel for purposes of a transformative economic journey.”

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