CCA Launches Principles for Responsible Carbon Finance in Clean Cooking
More than 100 organizations commit to new Principles to enhance integrity, transparency, fairness, and sustainability in carbon finance
PARIS, France, May 14, 2024 — At today’s Summit on Clean Cooking in Africa, the Clean Cooking Alliance (CCA) joined partners to release the Principles for Responsible Carbon Finance in Clean Cooking (RCF). Focusing on integrity, transparency, fairness, and sustainability, the Principles serve to guide responsible conduct and enhance the confidence that buyers, investors, households, and governments have in clean cooking carbon markets.
The Principles, which more than 100 organizations have already committed to, are the product of an extensive public process initiated by CCA in 2023, with input from hundreds of stakeholders engaged in climate finance and clean cooking. The Interim Principles were developed through two public consultations that involved 359 stakeholders from 267 institutions, followed by review and approval by eight co-chairs. Earlier this month, the final draft was then endorsed, through majority consent, by the RCF Advisory Council, a group of 14 senior stakeholders from the clean cooking and carbon finance sectors, convened by CCA.
“Carbon finance is transforming the clean cooking sector, helping fill a significant funding gap while dramatically accelerating access to cleaner stoves and fuels,” said CCA CEO Dymphna van der Lans. “These Principles set a clear, consistent, higher bar for organizations operating in clean cooking carbon markets so that all transactions in these markets can be relied on for their integrity, transparency, fairness, and sustainability.”
CCA’s latest industry trends report found that, among clean cooking companies tracked by CCA, more than 20% of the record US $100 million in revenue in 2022 came directly from carbon credit sales, while it is estimated that the vast majority of investments in clean cooking are directly or indirectly related to clean cooking carbon projects.
“These Principles provide much-needed guidance to actors in clean cooking carbon markets,” said KOKO Networks Chief Investment and Strategy Officer Hanaan Marwah. “This includes the commitment to continuously improving methodologies, while codifying other best practices around financial transparency and use of funds. Carbon financing is a unique and vital tool for scaling access to modern clean cooking energy, and I hope these Principles will enable them to be used ambitiously.”
“The Principles will help ensure accurate and fair carbon methodologies that create a level and accurate playing field for all clean cookstove project developers,” said BURN CEO Peter Scott.
As of May 14, 2024, more than 100 organizations have endorsed the Principles for Responsible Carbon Finance in Clean Cooking (view list here). Others may add their organizations to the list by submitting this brief form to CCA.
