In Kenya, Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, announces financing for KOKO, a climate technology leader.
Through an innovative and scalable carbon finance debt facility, the loan from the Mirova Gigaton Fund will enable KOKO to scale up a new type of residential energy utility across Kenya and Rwanda, in line with the fund’s objective to accelerate access to renewable energy in emerging markets.
KOKO is a key player in leading this transition, replacing demand for charcoal by supplying over 1.3 million homes in Kenya and Rwanda with sustainable bioethanol cooking fuel distributed through a dense network of high-tech KOKO Fuel ATMs4 located in thousands of corner stores. The resultant carbon revenues are shared with households as a non-government energy subsidy, enabling even the poorest households to switch.
The Mirova Gigaton Fund’s investment for KOKO aligns with its objectives to positively impact people’s lives and addresses a range of the Sustainable Development Goals (SDGs), specifically by scaling clean energy access (SDG 7), protecting forests and reducing emissions (SDG 13, SDG 15), improving family health (SDG 3), and building sustainable infrastructure (SDG 8, SDG 9, SDG 11).
Tags: Kenya, KOKO, Mirova Gigaton Fund
Category: Fuels
