Carbon Neutral Royalty Ltd. – a company that finances the launch of carbon removal projects, announced on October 12th it formed a joint venture with BURN Manufacturing for the rights to finance BURN’s global cookstove manufacturing and distribution operations in return for a share of carbon credits from the emissions savings achieved from the cookstoves.
BURN is an industry-leading global cookstove manufacturer and aims to improve the lives of people across Africa. The stoves provide a clean alternative to burning wood or charcoal on open fires or using dangerous stoves. They improve people’s lives by reducing carbon emissions and smoke pollution.
Across the world, an estimated 2.6 billion people still lack access to clean cooking solutions. 1 billion of these poor and vulnerable people are located in Africa. Using dangerous and polluting cooking appliances results in an estimated more than 500,000 deaths annually in the continent.
Currently, BURN has a cookstove production capacity of 3,000,000 per year in Kenya and expects to expand it to 12,000,000 per year by 2025. To date, the company has sold 2.1 million cookstoves which are estimated to have reduced around 11 million tons of CO2 and saved 6 million tons of wood from indigenous forests.
The joint venture with Carbon Neutral Royalty will finance BURN’s expansion plans globally as the company is entering Tanzania, Uganda, Zambia, DRC, Nigeria, and Ghana in 2022.