The Asian Development Bank is providing a $6.5 million loan to Greenway Rural Infra to support the construction of 1 million advanced cookstoves for rural households in Madhya Pradesh and Odisha.

Banking & Finance

The Asian Development Bank is providing a $6.5 million loan to Greenway Rural Infra as a senior secured loan to manufacture and distribute 1 million advanced cookstoves to rural households in Madhya Pradesh and Odisha. The financing includes a $3.25 million first-loss liquidity reserve from the Climate Innovation and Development Fund (CIDF), administered by ADB. The project will subsidize the cost of new cookstoves to rural families who use traditional, inefficient cooking methods. Founded in 2010, Greenway is a climate action and better cookstove enterprise. Compared to traditional earthen chulhas or indoor stoves, the improved stoves reduce fuel requirements by 65 percent and smoke by 70 percent, thereby reducing black carbon and significantly reducing carbon monoxide emissions. The ADB-financed project will result in a total reduction of 22.9 million tons of carbon dioxide. Greenway, through its subsidiary SDG 13 Ventures, will sell the carbon credits generated from the sale of the improved cookstove to international buyers.


     

     

     

 

     


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