Multilateral financial institution the European Investment Bank (EIB) has signed a $15 million agreement with Kenyan manufacturer BURN to distribute clean cooking appliances to over 1 million households across East Africa.
The EIB financing supports BURN’s innovative Pay-As-You-Cook payment model, making clean cooking accessible for low-income households reliant on traditional biomass fuels. This initiative also aligns with the 2X Challenge criteria, a G7-backed global effort promoting gender equity, and leverages renewable energy grids for cooking.
“This investment by EIB will help us transition over a million low-income households to cooking with electricity, allowing them to cook on grids that are 80-95% powered by renewable energy,” said Peter Scott, Founder and CEO of BURN.
This financing will reduce indoor air pollution—a major health risk causing 4 million premature deaths annually—and is expected to avoid 12 million tons of carbon emissions over five years.
According to EIB Group President Nadia Calviño, “The investment that we have agreed today is not just about improving lives but saving them as well. With relatively simple technology for clean cooking, we will strengthen communities, especially by protecting the health of women, and their families.”
Desiree Investment Envelope, part of the African, Caribbean and Pacific (ACP) Impact Finance Envelope (IFE), will provide the funding support to BURN.
