Community Carbon launches initiative to deploy millions of cleaner cookstoves and water purification devices with $20 million stream investment from Carbon Streaming Corporation
Kampala, Uganda — 17 May 2022 — Today Community Carbon announced seven energy-saving projects across eastern and southern Africa that will not only avoid carbon emissions, but also combat energy poverty by improving community outcomes and preserving local environments. The initiative, which will roll out over the course of the next two years, will commence with the delivery of 3.5 million fuel-efficient, cleaner cookstoves and water purification devices to communities across five countries. The projects are made possible with a $20 million stream investment from Carbon Streaming Corporation.
Community Carbon taps into carbon markets and the global community’s drive to reduce emissions as a means to combat energy poverty. The newly announced initiative expects to deliver 50 million tonnes of CO2 equivalent emissions reductions over the next 15 years, while saving households $150–$200 in annual fuel expenditures. Further, Community Carbon’s approach aims to stimulate additional social and economic benefits through efforts such as:
- Reinvesting a portion of project revenue back into the communities toward additional activities that help build long-term climate and community resilience — the first Community Carbon impact fund will focus on the education and empowerment of women and girls, who are often disproportionately impacted by climate change.
- Local manufacturing and local materials sourcing that creates direct and indirect jobs in the regions where the cookstoves and water filters are deployed.
- Strengthening the health of local forests both by supporting community tree-planting programs and reducing the fuel demands for wood, charcoal and illegal tree cutting driven by the use of old, inefficient cookstoves.
Carbon Streaming Corporation (NEO: NETZ)(OTCQB:OFSTF), an ESG principled company, will make an upfront cash investment of $6.5 million, under the terms of a stream agreement, with the remaining upfront payments up to $13.5 million being made as the projects hit implementation and emissions-reduction milestones. Emissions reductions generated by the projects will be independently verified under The Gold Standard and Verra.
“Community Carbon is creating an avenue for corporate sustainability leaders to invest in emissions reductions that help hit their climate targets while — importantly — also directly benefiting the people and communities most challenged by energy poverty, illegal deforestation, and the climate crisis. We are thankful to Carbon Streaming for believing in the Community Carbon vision and investing in making it happen,” said Matt Evans, co-founder and chair of UpEnergy Group, the social enterprise which established Community Carbon. “Climate change disproportionately affects communities in the world’s Least Developed Countries, and still, there is so much power for change within the same communities. That’s why we’re so excited to help mobilize the global corporate sustainability community to enable emissions-reduction investments that stimulate social and economic benefits for those most-affected by climate change across eastern and southern Africa.”
Justin Cochrane, CEO of Carbon Streaming, added: “We are incredibly proud to be partnering with Community Carbon. Their dedication to community aligns with our mission to realize impacts beyond emissions reductions in our stream investments. In addition to the immediate value derived from clean cookstoves, safe drinking water and associated climate benefits, this approach delivers opportunities that generate significant positive impacts for these local communities.''
ABOUT COMMUNITY CARBON
Community Carbon develops energy-saving solutions in southern and eastern Africa — starting with cleaner cookstoves and safe water filters — that avoid emissions, improve community outcomes, and preserve local environments. Our approach goes further, stimulating additional social and economic benefits by focusing on local manufacturing, reinvesting project revenue to build and deploy more devices in the community, supporting local tree-planting programs, and supporting the education and empowerment of women and girls. Community Carbon combats energy poverty by tapping into carbon markets and the global community’s drive to reduce emissions — because together, we can do more. Community Carbon was established in 2022 by UpEnergy. Learn more at https://www.communityco2.org.
UpEnergy makes cleaner technology accessible to all. We quantify the emissions reductions resulting from our products according to rigorous standards such as The Gold Standard and Verra. Our team brings 30+ years of collective experience to the development of emission reduction projects that achieve real local income, social, and environmental benefits. Learn more at https://www.upenergygroup.com/.
ABOUT CARBON STREAMING CORPORATION
Carbon Streaming is an ESG principled company offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.
The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects have significant social and economic co-benefits in addition to their carbon reduction or removal potential. Learn more at https://carbonstreaming.com/.
Nikki Arnone, Inflection Point Agency for Community Carbon
Peter Bronski, Inflection Point Agency for Community Carbon
Amy Chambers, Carbon Streaming Corporation