Financing growth in the clean cookstoves and fuels market

A report, co-authored by The Global Alliance for Clean Cookstoves and Accenture Development Partnerships, provides an analysis of the Clean Cooking Working Capital Fund, a concessional loan facility for early-stage clean cooking businesses, and explores lessons learned to enable companies and financiers to drive sector growth across global markets.

Every year, indoor air pollution kills more than four million people, exceeding mortalities from HIV/AIDS, malaria and tuberculosis combined. Indoor air pollution stems from dirty cooking practices, placing greater burden on women and children. The Global Alliance for Clean Cookstoves set a goal, in 2010, that 100 million households would adopt clean cookstoves and fuels by 2020. Since that announcement, a market-based approach has been pursued to increase investment in this crucial sector. In recent years, grants—and increasingly equity—have been the most common types of investment capital coming into the sector. Debt capital has largely been out of reach for enterprises.

The Clean Cooking Working Capital Fund, was launched in 2015 to accelerate the development of the clean cooking supply chain by providing loans to creditworthy enterprises. The Fund was intended to be a proof of concept. Launched with great hope to continue the transformation of this nascent sector, the Fund stopped investing after two years, instead of five years, as had been originally envisaged.

The report, “Financing Growth in the Clean Cookstoves and Fuels Market: An Analysis and Recommendations” addresses:

  • The factors that directly contributed to the challenges of the Clean Cooking Working Capital Fund.

  • The challenges that persist in today’s market, impacting investment flows into the clean cookstoves and fuels pipeline.

  • Recommended solutions that should be considered to support growth and development of the market and how the sector could better align future financing initiatives.


"To make universal access to clean cooking a reality will require a well-resourced market fueled by resilient enterprises, strong consumer demand, and government policies that support this sector … there is no single solution – no single stove or single fuel – for this complex issue. It’s going to take a whole systems approach."

Dymphna van der Lans

CEO, Global Alliance for Clean Cookstoves