Ecostoves, which cut the amount of fuel needed for daily cooking, can now have their carbon reductions measured and accredited under the world-leading ‘Gold Standard’, thanks to a pioneering methodology developed by JPMorgan ClimateCare.
This simple but important stoves technology has the potential to save over 500 million tonnes of CO2 per year globally, along with tens of thousands of lives through reduced kitchen smoke, which kills 1.5 million people per year according to the World Health Organisation.
A lack of investment has prevented widespread promotion and adoption of ecostoves, but the fast growing market for carbon reductions, valued at $30 billion in 2007, has opened up an important new source of finance: ecostoves cut carbon emissions.
One barrier so far for stoves project wishing to access carbon finance has been the lack of a scientifically rigorous and practical method for calculation of their greenhouse gas savings.
Now such a method is available. The ‘Methodology for Improved Cook-Stoves and Kitchen Regimes’, developed by JPMorgan ClimateCare, has been approved by the internationally recognised Gold Standard certification body. Ecostove projects can now apply the methodology to calculate their carbon savings, and sell them as premium priced Verified Emissions Reduction credits.
Executive Director Edward Hanrahan says he is delighted that JPMorgan ClimateCare’s hard work has been successful: “With world experts in our team and years of experience in this field, JPMorgan ClimateCare was well placed to develop this methodology. It will open up many more projects generating Gold Standard premium carbon credits, with the crucial funding that this provides.”
JPMorgan ClimateCare is funding several efficient stove projects, in locations such as Uganda, Ghana, Cambodia, Bolivia, China and Mexico which are expected to save well over 5 million tonnes CO2 over the next 5 years. It is submitting three projects immediately for validation using the new methodology, with the resulting Gold Standard credits being traded later this year.
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Michael Buick
