The African Development Bank, the multilateral development financing institution, is committing $2 billion over the next 10 years to promote the adoption of clean cooking solutions in Africa, and to achieve universal access to clean cooking by 2030.
This pledge amounts to an annual investment of $200 million, focusing on solutions such as liquefied petroleum gas, gas-to-power, and biogas.
The funding, according to Energy Capital Power, aims to reduce reliance on carbon-intensive cooking fuels, including charcoal and biomass, thereby cutting greenhouse gas emissions across the industry while improving health and equality in clean cooking.
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In an address in Paris this week, Akinwumi Adesina, the President of the African Development Bank stated that the institution will now allocate “20% of all its energy financing in Africa to clean cooking.
“We will work with governments to develop and roll out clean cooking solutions at scale, along with supportive policies, standards, safety regulations, and fiscal incentives to improve access and affordability,” he said.
