The interim Principles aim to improve norms, instill confidence, and incentivize investment in clean cooking carbon markets.
WASHINGTON, Nov. 28, 2023 /PRNewswire-PRWeb/ -- The Clean Cooking Alliance (CCA) released the 12 interim Principles for Responsible Carbon Finance in Clean Cooking. Categorized into four themes—Integrity, Fairness, Transparency, and Sustainability—these Principles are intended to improve norms, instill confidence, and incentivize investment in clean cooking carbon markets.
The interim Principles originated from a consultative process run in the summer of 2023, convened by CCA and involving 359 stakeholders from 267 institutions within the clean cooking and carbon market ecosystem. The interim Principles are also informed by the methodological work of the CCA-led Clean Cooking and Climate Consortium, specifically under the theme of Integrity.
"In our work with the Modern Cooking Facility for Africa, we have observed the growth in primary carbon market size," said Ash Sharma, Head of the Modern Cooking Facility for Africa and Vice President at Nefco. "However, there have been headwinds, with quality and integrity having become increasingly important to buyers of carbon credits. I believe that through its inclusive and participative approach, CCA's interim Principles for Responsible Carbon Finance could build confidence, enhance integrity, and, ultimately, unlock more value for this sector."
Today's launch of the interim Principles marks the start of a two-month public consultation, which will result in final Principles outlining the conditions needed to help buyers confidently participate in clean cooking carbon projects and help clean cooking carbon markets flourish in the longer term. Once the public consultations close in early 2024, the final Principles will become the backbone of a voluntary code of conduct, against which project developers, as well as other clean cooking and carbon market actors, will be invited to make commitments. Wherever appropriate, the final Principles will be connected to larger, overarching carbon market initiatives, such as the Voluntary Carbon Markets Initiative and the International Carbon Reduction and Offset Alliance, as well as efforts under the UN Framework Convention on Climate Change and relevant side events at this year's COP28 Climate Conference.
"Carbon finance continues to be an important source of new funding for the sector, which can also catalyze much needed traditional forms of commercial capital," said CCA CEO Dymphna van der Lans. "CCA is committed to creating a new, voluntary code of conduct, based on an agreed set of Principles, that outlines the way forward for responsible carbon finance in clean cooking."
An accompanying thematic report, also launched today, details the background research and further context behind the interim Principles.
To submit feedback on the interim Principles, please visit this webpage, download the feedback form at the top of the page, and email a completed version to [email protected] by January 31, 2024.
Media Contact
Kip Patrick, Clean Cooking Alliance, 2028879040, [email protected], https://cleancooking.org
SOURCE Clean Cooking Alliance
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