Spark+ Africa Fund Raises Over $40 Million in a First Close to Invest in Clean and Modern Cooking Solutions in Africa
Today, Spark+ Africa Fund (“Spark+”) launched in partnership with 12 development finance institutions, foundations, family offices, and pension funds as the world’s first impact fund financing clean and modern cooking solutions in developing markets. Read more at www.sparkafricafund.com.
900 million people in sub-Saharan Africa lack clean and modern cooking solutions. Without the electric stoves and piped natural gas prevalent in developed countries, they are forced to spend an estimated $35 billion annually on unhealthy and polluting open fires, charcoal, and kerosene. According to a World Bank report released in 2020, this generates annual social, environmental, and economic costs of more than $330 billion in Africa, while the investment required by the private sector to deliver access to modern alternatives would be only $2.6 billion per year.
Photo courtesy of DFID: Elizabeth Mukwimba M-Power customer with cookstove 01.