New Guide to Cookstove Carbon Credits Debuts at New York Stock Exchange
The report is a joint collaboration between CCA and 13 organizations committed to responsible carbon finance
Steps away from the bustling trading floor of the New York Stock Exchange, a new resource was publicly unveiled, aimed at a particular type of buyer: those looking to take responsibility for their emissions while also improving the lives of people most in need of clean energy.
The Buyer’s Guide to High-Quality Cookstove Carbon Credits, developed by the Clean Cooking Alliance (CCA) and 13 partner organizations, helps corporate buyers ensure their carbon investments drive real climate and social impact. To mark the launch of the Buyer’s Guide, Intercontinental Exchange (ICE) and CCA hosted an event bringing together leaders in energy, carbon finance, and corporate sustainability.
“Future demand for cookstove credits appears strong,” said Maria Eugenia Filmanovic, Co-Founder of Abatable, who provided the audience with an update on the state of the market. “Demand from CORSIA (the Carbon Offsetting and Reduction Scheme for International Aviation) is a real opportunity: during its first phase, cookstoves could make up 57% of CORSIA’s supply.”
Sophie Westover, Head of Climate at Wren, spoke to why cookstoves remain an appealing asset class. “Cookstove projects tick a lot of boxes in terms of meeting investors’ values,” she noted. “At Wren, we wanted to invest in cookstove projects but were concerned about quality. A turning point came when [clean cooking company] EcoSafi earned an A-rating from BeZero. Now, cookstove projects make up 10-15% of our portfolio and we hope to grow that investment.”
Margaret Kim, CEO of Gold Standard, described how continuous improvements have been made to ensure clean stoves and fuels replace smoky, inefficient ones. “Gold Standard were the first to introduce clean cooking methodologies to the market, and we’ve not stayed static – we regularly update our methodologies to align with the latest science and technologies,” she said. “Some projects, like EcoSafi, use sophisticated digital methodologies that deliver real-time monitoring, while others like Simoshi do not have that capacity but are no less exacting in their monitoring and evaluation. What all projects using Gold Standard clean cooking methodologies have in common is the transformative impact they have on people’s lives.”
“Trust is the foundation that drives our market, and independent frameworks and labels help provide that,” said Mandy Rambharos, CEO of Verra. “We are continuously improving, not just through Verra’s cookstove methodology, but also by investing in digital tracking strategies and by working to align our operations so we continue to meet the highest integrity standards for credits in the industry set by entities like the Integrity Council for the Voluntary Carbon Market.”
Sheri Hickok, CEO of Climate Impact Partners, described how achieving this kind of market transparency requires a substantial commitment. “We stay close to our projects for the long run; that’s how we’re able to confidently carry out our due diligence and offer climate-leading organizations solutions that best meet their needs,” she said. “Let’s not forget that we’re talking about communities who need to see consistent demand for cookstove credits for these projects to be sustainable and deliver real impact.”
While all the speakers generally agreed that the cookstove credit market remained complex, the Buyer’s Guide offered a source of optimism and commitment.
“In my 30+ years working in environmental markets, the Buyer’s Guide is the best resource I’ve seen,” said Andrew Ertel, CEO of Restoration Climate Capital. “The cookstove carbon market is investible. We put our own capital at risk in this market, and I generally sleep pretty well.”
Filipe Blackwood Oliveira, Senior Executive Advisor to the CEO at Sustainable Energy for All, reiterated the social benefit of investing in clean cooking. “If you care about saving lives, and fulfilling that mission is predicated on a carbon credit transaction, then the Buyer’s Guide helps get you there,” he said.
“The Buyer’s Guide can be a catalyst for channeling billions of dollars of investment to developing countries,” said Gordon Bennett, Managing Director of Utility Markets and Global Head of Environmental Markets at ICE. “As a society, the first step is to acknowledge we need to take financial responsibility for our emissions. Once that first step is taken, cookstove credits are a proxy to deliver the core benefits of reducing respiratory disease, addressing energy poverty, and providing women and girls with access to clean cooking fuels and technologies. On top of these socio-economic benefits, cookstove credits provide the opportunity to reduce 1 billion tons of emissions per year.”
Dymphna van der Lans, CEO of CCA, said, “Today is not simply about introducing a new report. It’s about reaffirming our collective commitment to making carbon markets work for people and the planet. We all know the potential of cookstove carbon credits. It could do so much more with the right conditions in place. With this Buyer’s Guide, the way forward is clear.”
A direct outcome of last year’s Summit on Clean Cooking in Africa, the Buyer’s Guide was developed by CCA in collaboration with Abatable, AlliedOffsets, BURN, Climate Impact Partners, Climate Impact X, FairClimateFund, Gold Standard, ICE, the International Emissions Trading Association, the International Energy Agency, the Spark+ Africa Fund, the Voluntary Carbon Markets Integrity Initiative, and Verra. The guide expands on the Principles for Responsible Carbon Finance in Clean Cooking, a framework endorsed by over 180 organizations worldwide.
With the Buyer’s Guide, companies can invest confidently in high-quality cookstove credits, ensuring their climate commitments deliver real results.
Download the full guide here.
