UNLOCKING FINANCE FOR CLEAN COOKING
MADAGASCAR: WHERE ONLY 1.6 PERCENT HAS ACCESS TO CLEAN COOKING
Globally 770 million people live without access to electricity and 2.4 billion people live without access to clean cooking.
Only 1.6 percent of the population has access to clean fuels and the country’s electrification rate stands at just 24 percent – 10 percent below the average in sub-Saharan Africa. Some 80 percent of primary forests have been lost in Madagascar, partly for cooking firewood, while as many as 17,000 deaths per year are attributed to indoor air pollution from traditional cookstoves. Given the urgency of energy transition needs in Madagascar, the OPEC Fund is launching the first pilot project in this country, co-funded for some US$200 million, with US$35 million contributed by the OPEC Fund. The project will provide sustainable clean cooking and reforestation solutions while supporting the development of the private sector and ecotourism.
To achieve universal access to clean cooking fuels and technologies, efforts need to be massively scaled-up across Africa and Asia. Ongoing projects in DRC, Madagascar, Tanzania, Malawi, and Rwanda: The Hub is prioritizing clean cooking and provides support for countries to advance clean cooking as a critical component of their integrated energy plans.
KEY ACTIVITY PILLARS
BIG DATA IMPACT Provide real time data and market diagnostics to inform planning, policy and investment decisions.
TRANSFORMATIVE PIPELINE DEVELOPMENT Support countries in identifying a pipeline of investment-ready projects for high-impact development.
ENERGY COMPACTS/POLICY AND REGULATORY SUPPORT Develop country specific monitoring, evaluation and learning frameworks to continually improve country action and finance operations.
INNOVATIVE FINANCING SOLUTIONS
Use a range of innovative and blended finance tools to crowd in domestic and international finance for local enterprises and projects.
KNOWLEDGE AND CAPACITY BUILDING
Offer countries a suite of products and services ranging from advocacy, planning, policy and capacity building.
FINANCING PARTNERSHIPS Maximize synergies by working in conjunction with other strategic technical and knowledge partners, funders and financiers to scale up finance for the sector including clean cooking.
About the OPEC Fund The OPEC Fund for International Development was established in 1976 to drive development, strengthen communities and empower people. The OPEC Fund provides financing from member countries to non-member countries, exclusively. While 10 of the 12 OPEC Fund member countries are also members of OPEC, the Fund is a separate entity and fully independent of OPEC. The OPEC Fund operates in low- and middle-income countries and offers financial support in the form of loans, equity, grants, trade finance and innovative solutions such as risk-sharing for the development of physical infrastructure and human capacity. The OPEC Fund works to support the delivery of the UN Sustainable Development Goals. Since inception, the OPEC Fund has committed over US$23 billion of its own resources to more than 4,000 projects in over 125 countries. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/Outlook Positive by S&P.
THE OPEC FUND Parkring 8, 1010 Vienna, Austria Tel: (+43 1) 515 64 - 0 email: communication@opecfund.org www.opecfund.org
Powered by FlippingBook