Reforming Climate and Development Finance for Clean Cooking

Olivia Coldrey (), Paul Lant, Peta Ashworth, Philip LaRocco and Christine Eibs Singer
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Olivia Coldrey: Energy & Poverty Research Group, School of Chemical Engineering, The University of Queensland, St Lucia, QLD 4072, Australia
Paul Lant: Energy & Poverty Research Group, School of Chemical Engineering, The University of Queensland, St Lucia, QLD 4072, Australia
Peta Ashworth: Institute for Energy Transition, Curtin University, Bentley, WA 6102, Australia
Philip LaRocco: School of International and Public Affairs and School of Professional Studies, Columbia University of the City of New York, 116th and Broadway, New York, NY 10027, USA
Christine Eibs Singer: Catalyst Energy Advisors, 1935 Addison St, Suite A, Berkeley, CA 94704, USA

Energies, 2024, vol. 17, issue 15, 1-21

Abstract: A transition to clean fuels and technology for cooking is increasingly recognised as a cornerstone of sustainable development. However, sufficient, appropriate, affordable finance to support the transition is lacking. Grounded in primary data collection via expert interviews, this study’s research objective was to critically assess development finance institutions’ (DFIs) delivery of climate and development finance to address cooking poverty. Interview findings underscore DFIs’ important role in the transition, including to create the ecosystem conditions conducive to sustained investment. However, as a group they are not demonstrating the risk appetite and financial solutions that clean cooking markets need. Nor are they operating with the agility and flexibility required for rapid scale-up. Consequently, DFIs are not optimally fulfilling their mandates to create additionality and mobilise private capital in these markets. Interviewees call for DFIs to reconsider their approach, and we rely on these findings to posit a theory of change for clean cooking finance.

Keywords: energy poverty; energy transition; clean cooking; climate finance; development finance; development finance institutions; Sustainable Development Goal 7 (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2024
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