New Report: Clean Cooking Sector Companies See Record Investment and Revenue in 2022
WASHINGTON, D.C., Dec. 14, 2023 — Companies in the clean cooking sector attained record levels of investment and revenue in 2022, according to a new report from the Clean Cooking Alliance (CCA).
Now in its fourth edition, CCA’s Clean Cooking Industry Snapshot (“Snapshot”) identifies that investment exceeded the $200 million mark and revenue surpassed $100 million — both for the first time.
The purpose of the Snapshot is to bring clean cooking to the attention of investors and donors, as an attractive opportunity for impact-oriented investments or grants. The Snapshot shows investment and operational trends among for-profit, clean cooking companies working in low- and middle-income countries.
“This latest edition of the Clean Cooking Industry Snapshot shows exactly how far we have come: over $200 million invested into companies that are selling higher quality cookstoves, pressure cookers, and induction ranges to households living on little,” said Jacqueline Novogratz, CEO of Acumen. “Through dedication and patient capital, remarkable solutions have emerged, a testament to the power of perseverance.”
Beyond investment, the report tracked $104 million in revenue based on the sales information from 29 clean cooking companies — more than double pre-pandemic highs. Revenue from carbon credits sales accounted for 22% of total revenue in 2022 and is 45 times the amount recorded in 2017, making for a compounded annual growth rate of 114% during this period.
“Carbon finance is transforming the sector,” said Dymphna van der Lans, CEO of CCA. “For the immediate term, carbon financing represents the best opportunity for delivering pioneering clean cooking technologies at a transformational scale. But there is still a long way to go, and the industry must continue to ensure the generation of high-quality carbon credits from clean cooking projects that end buyers can procure with the utmost trust and confidence. The role of public funding also remains important, especially in enabling new entrants and in encouraging the wider sharing of benefits from carbon finance.”
The 2023 Snapshot uses self-reported data and publicly available data, collected on investment, financial, and operational performance between 2014 and 2022, from 132 clean cooking enterprises. The 2023 Snapshot builds on the three previous editions (2019, 2021, 2022) by analyzing data for 2021 and 2022, which was submitted by almost 60 enterprises eligible for the scope of this report.
To read the full 2023 Industry Snapshot, click here.
