Latest Clean Cooking Industry Snapshot Identifies Trends in Investment, Revenue, and Carbon Markets
New report finds sector pulled back in 2024 after two record-breaking years, with carbon finance playing an increasinglycentral rolein industry resilience
WASHINGTON, D.C., 10 June 2026— The Clean Cooking Alliance (CCA) today published itssixthClean Cooking Industry Snapshot, a data-driven analysis of investment, revenue, and carbon market trends across the for-profit clean cooking sector in low- and middle-income countries. The Snapshot draws on self-reported financial and operational data from clean cooking enterprises serving households across these markets. This edition,which analyzes data from2024,focuses on three areas: investment, revenue, and carbon markets.The report was produced with contributions from MSCI andAlliedOffsets.
Investment declinedandequityrebounded
Total investment in clean cooking enterprises fell 10% in 2024, following record highs in 2022 and 2023. The decline was driven primarily by reduced debt financing. At the same time, equity investment reached its highest level on record, overtaking debt for the first time since 2020. The number of grants also increased, with more funding reaching earlier-stage companies.These shifts point to a more inclusive, though still concentrated, funding landscape:seven companies captured90% of total funding recorded in 2024, andin-country investors accounted for just 0.4% of total investment.
[Learn more about CCA’s work to unlock local lending against carbon assets.]
Revenues contracted, softened bycarbon revenues
Sector revenues fell 16% in 2024, the first decrease in six years. The decline was driven by lower product and fuel sales, which still accounted forroughly 70%of total revenue. Companies with established carbon programs were more resilient during the downturn, as carbon revenues increased slightly while clean cooking product revenues declined.
Carbon marketsremaincriticaland continue evolving
Companiesoperatingor establishing carbon programs captured 95% of all investment recorded in 2024, consistent with 2023, reinforcing the extent to which carbon finance shapes access to capital across the sector.
At the same time,carbon creditissuancesand retirements from clean cooking projects both fell in 2024.Oversupply continued, though at a slower rate than in prior years, and credit prices continued to decline.Quality improvement initiatives progressed steadilythroughout the year.While higher-quality credits are showing early signs of selling at premium prices,additionaldata is needed todeterminewhether higher prices can offset lower issuance volumes and rising developer costs.
“In agrowing market that is complex and constantly evolving, the Industry Snapshot provides a rarewindow into the top trends influencing the sector,”said Jean-Louis Racine, Chief Program Officer at CCA. “The Snapshot’s in-depth findingsprovide the kind ofreliableanalysis that policymakers and investors can use to inform theirengagement with clean cooking companies and other partners.”
To download the full report,click here.
To viewthe full series of Industry Snapshot reports,click here.
