Clean Impact Bond: Mobilizing Finance for Clean Cooking

This IFC brief introduces the Clean Impact Bond (CIB), a results-based financing (RBF) instrument that Cardano Development, IFC, BIX Capital, the Osprey Foundation, and Sistema.bio structured to mobilize finance based on the sales of certified health and gender credits in the modern energy cooking sector for the first time.

Along with the context for the CIB, this brief presents evidence that clean cooking can achieve measurable health and gender benefits, and summarizes lessons learned from structuring the CIB. Findings are drawn from IFC’s technical assistance, through the process of the CIB structuring, desk research, interviews with market leaders, and analysis of survey data collected from rural households in Kenya. The target audiences of this brief are investors, financial intermediaries, multilateral/development finance institutions, outcome buyers, clean cooking companies, and other market players that have an interest in increasing the availability of clean cooking solutions, supporting inclusive businesses that are serving the base of the economic pyramid, addressing climate change, and advancing gender equality.