22
One of the most promising avenues for scaling up investment is carbon finance – the buying and selling of carbon credits to help offset greenhouse gas emissions. Many in the sector view it as a game changer despite recent doubts over the val- ue of some carbon credits schemes. The global voluntary carbon market surpassed US$2 billion in 2021. 40 Clean cooking is an attractive investment for car- bon financiers, given its potential to not just tackle climate change, but also to deliver co-benefits for public health and gender equality, amongst others. Carbon credits for clean cooking have doubled in price over the past decade, while company revenues from carbon cred- its have increased 45-fold since 2017, accounting for 22 per- cent of clean cooking firms’ revenues in 2022. 41 Carbon cred- its offer a promising route to scale, enabling participating companies to offer lower prices to consumers and thereby build a market. They also help to mobilize private finance by offsetting risk.
Global voluntary carbon market surpassed in 2021:
US$ 2 BILLION
40 Voluntary carbon market value tops US$2B, Climate Trade, 4 August 2022, https://climatetrade.com/voluntary-carbon-market-value-tops-us2b/ 41 CCA, 2023 Clean Cooking Industry Snapshot, 4th ed., 2023, https:// cleancooking.org/wp-content/uploads/2023/12/CCA-2023-Clean-Cooking- Industry-Snapshot.pdf
AN OPEC FUND KNOWLEDGE SERIES REPORT 2024
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