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    HomeEcosystem NewsLatest FundingKenyan Carbon Finance Startup Burn Secures $12M to Combat Africa’s Clean Cooking Deficit

    Kenyan Carbon Finance Startup Burn Secures $12M to Combat Africa’s Clean Cooking Deficit

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    Burn, a Nairobi-based startup, is leveraging carbon finance to address Africa’s pressing issue of clean cooking, as approximately 950 million Africans still lack access to clean cooking facilities. The company has recently secured a substantial $12 million investment from Key Carbon, previously known as Carbon Neutral Royalty (CNR), headquartered in Vancouver, Canada.

    The infusion of funds, supported by private equity firm Cartesian, will enable Burn to subsidize the distribution of biomass stoves across the Democratic Republic of Congo (DRC), Nigeria, Mozambique, and Tanzania. Additionally, electric stoves will be provided to households in Kenya, Tanzania, Zambia, and Uganda. Founded in 2011, Burn aims to positively impact the lives of 1.5 million people in the coming years with its environmentally-friendly solutions.

    Peter Scott, Burn’s founder and CEO, elaborated on the significance of these initiatives, stating, “These environmentally-friendly stoves will avoid more than 12 million tonnes of carbon emissions over the next seven years.” He further noted the company’s partnership with Key Carbon, highlighting their shared objective of raising $1 billion in carbon finance to ensure access to clean cooking appliances for every household in Africa.

    The introduction of eco-friendly stoves holds particular importance in countries like the DRC, where reliance on charcoal production from deforested trees is rampant. The World Bank reported that only 3.7% of the DRC’s population had access to clean cooking fuels and technologies in 2020, with rural areas facing an even graver scenario, with access rates nearly negligible at 0.5%.

    The dependence on charcoal not only contributes to deforestation but also poses health risks due to smoke-related respiratory illnesses. Furthermore, it accelerates the degradation of the DRC’s forests, which are crucial for biodiversity and climate regulation. With the DRC’s population exceeding 100 million, the challenge of transitioning to cleaner cooking methods is monumental.

    Burn ’s efforts, backed by carbon finance, signify a step towards sustainable development in Africa, aiming to mitigate carbon emissions, improve public health, and preserve the continent’s invaluable natural resources. As the company expands its reach, it endeavors to alleviate the burden of traditional cooking methods while championing environmentally-conscious solutions.

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