BURN Manufacturing (BURN), a global leader in clean cookstove manufacturing, distribution, and carbon-offset projects, has announced a significant financial boost with a $10 million investment from the Africa Go Green Fund (AGG), managed by Cygnum Capital Asset Management.
Empowering Lives, Preserving Forest
The funding injection aligns with BURN's mission to revolutionize the clean cookstove sector, creating a positive impact on households and the environment. The investment, aimed at supporting the distribution of clean cookstoves, specifically targets Mozambique, Nigeria, and the Democratic Republic of Congo. The overarching goal is to enhance livelihoods, improve health outcomes, and contribute to the reduction of deforestation.
Ambitious Targets: Aiming for Environmental and Social Impact
BURN's initiative is ambitious, with plans to provide improved cooking solutions to 50,000 – 150,000 customers in each of the targeted countries. This strategic move is expected to result in a substantial reduction of approximately 6.9 million tons of CO2 emissions over the project's lifespan. BURN's track record speaks for itself, with independently verified stoves making a significant impact on over 22.5 million lives and preventing 17 million tons of CO2 emissions.
BURN's Journey Since 2011
Founded in 2011, BURN has been at the forefront of transforming the clean cookstove landscape. Its top-tier stoves not only offer financial savings and health benefits but also contribute to preserving forests. In contrast to traditional, inefficient cookstoves that pose financial burdens and environmental threats, BURN's approach focuses on a comprehensive carbon value chain. This covers project design, in-house monitoring, and credit issuance.
Strategic Partnership for a Sustainable Future
Peter Scott, BURN CEO, expressed enthusiasm about the collaboration, emphasizing its potential to reduce harmful emissions and contribute to forest conservation. Laurene Aigrain, Executive Director of AGG, highlighted the environmental and social benefits of the collaboration, anticipating that it will set a precedent for funding impactful projects.
Carbon Financing: Making Clean Cookstoves Accessible
BURN leverages carbon financing to make clean cookstoves more affordable for low-income households. With the AGG financing, BURN aims to expand access to its stoves in Sub-Saharan Africa, where millions still rely on traditional cooking methods. The goal is to provide households with a $50 stove for as little as $3-5, resulting in substantial annual fuel cost savings.
AGG Fund's Mission: Mitigating Greenhouse Gas Emissions
The Africa Go Green Fund is strategically designed to support initiatives that mitigate greenhouse gas emissions. Offering debt financing to businesses and projects focused on energy efficiency, green infrastructure, clean transport, and sustainable appliances, AGG plays a pivotal role in fostering eco-friendly practices.
Shared Commitment: Addressing Environmental Challenges
This collaboration underscores a shared commitment to addressing environmental challenges, promoting sustainable practices, and enhancing the quality of life for communities in Mozambique, Nigeria, and the Democratic Republic of Congo. It marks a crucial step towards a more sustainable and eco-conscious future.