November 21, 2014 Deutsche Bank
Deutsche Bank has announced the formation of the Global Alliance for Clean Cook stoves alongside Bank of America, committing to an ongoing investment of $100 million dollars in the clean cooking sector in order to support social enterprises that develop and deploy clean coo kstove solutions.
The Global Alliance for Clean Cookstoves was formed to address the use of traditional cookstoves and open fires, which typically employ coal, wood or other solid biomass for fuel. Relied upon by more than three billion of the global population, these inefficient cookstoves produce toxic fumes and pollutants that are responsible for some 4 million premature deaths each year in developing countries, according to the World Health Organization.
The Alliance seeks to encourage improved and affordable cooking technology, cleaner fuels, and behavioral and structural solutions, such as proper ventilation. However, a key challenge to market growth is the limited access to working capital. Traditional sources of capital are out of reach for many early stage or smaller clean cook stove and fuels businesses.
“We are very proud to support the Global Alliance for Clean Cook stoves. Not only will clean cooking solutions improve the lives of millions of women, but thousands of new jobs will be created by the companies designing, manufacturing and distributing them,” said Jacques Brand, CEO of Deutsche Bank North Americas and Chairman of the Deutsche Bank Americas Foundation. “By realizing our goal to bring clean cook stoves to 100 million households by 2020, we’re also helping to finance small businesses that are driving environmentally sustainable economic development in our most underserved communities.”
Since the launch in September 2010, the Alliance and its partners have driven approximately $50 million in investment to clean coo kstove and fuels enterprises. Through the help of this partnership, the Alliance hopes to reach its goal of enabling 100 million households to adopt clean and efficient cooking solutions by 2020.