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 increasingly听central role听in industry resilience听
WASHINGTON, D.C., 10 June 2026听鈥� The Clean Cooking Alliance (CCA) today published its听sixth听Clean 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,听which analyzes data from听2024,听focuses on three areas: investment, revenue, and carbon markets.听The report was produced with contributions from MSCI and听AlliedOffsets.听
Investment declined听and听equity听rebounded听听
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.听These shifts point to a more inclusive, though still concentrated, funding landscape:听seven companies captured听90% of total funding recorded in 2024, and听in-country investors accounted for just 0.4% of total investment.听
[Learn more about CCA’s work to unlock local lending against carbon assets.]
Revenues contracted, softened by听carbon revenues听
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 for听roughly 70%听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.听
Carbon markets听remain听critical听and continue evolving听
Companies听operating听or 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.听
At the same time,听carbon credit听issuances听and retirements from clean cooking projects both fell in 2024.听Oversupply continued, though at a slower rate than in prior years, and credit prices continued to decline.听Quality improvement initiatives progressed steadily听throughout the year.听While higher-quality credits are showing early signs of selling at premium prices,听additional听data is needed to听determine听whether higher prices can offset lower issuance volumes and rising developer costs.听
鈥淚n a听growing market that is complex and constantly evolving, the Industry Snapshot provides a rare听window into the top trends influencing the sector,鈥澨�said Jean-Louis Racine, Chief Program Officer at CCA. 鈥淭he Snapshot鈥檚 in-depth findings听provide the kind of听reliable听analysis that policymakers and investors can use to inform their听engagement with clean cooking companies and other partners.鈥�听
To download the full report,听click here.
To view听the full series of Industry Snapshot reports,听click here.听
