Accra, Ghana (May 23, 2013) – For the second consecutive issuance the largest single number of carbon credits for any cookstove project certified by The Gold Standard – the benchmark standard for quality and rigor in the compliance and voluntary carbon markets – has been issued to Relief International’s EnterpriseWorks (RI/EW) division. Over 400,000
Verified Emission Reductions (VERs) were generated and sold through The Gold Standard Registry; with each VER equivalent to one metric ton of carbon emissions. This transaction firmly places RI/EW as the leader in applying innovative finance to the power of entrepreneurship as a business model to combat poverty. Since 2007, nearly half a million Gyapa™ stoves have been sold, impacting over 2.4 million Ghanaians and saving users over $40.6 million in fuel costs which equates to over 800,000 acres of forests. The success of the project comes as a result of years of innovative work by RI/EW in the clean stoves sector in close partnership with ClimateCare, the U.S. Government’s USAID and EPA, and the Shell Foundation.
This record-breaking issuance of carbon credits is in acknowledgment of emission reductions through the use of Gyapa™ cookstoves in Ghana. Since 2002, EnterpriseWorks (EW) has played a critical role in Ghana realizing sustained growth in sales of fuel efficient cookstoves, capturing carbon credit while reducing disease and poverty. The production, sale and use of these low-cost innovative stoves which were developed by RI’s EnterpriseWorks, drive economic growth along with environmental impact.
Gyapa Cookstove Carbon Credit Impact
Registered as a carbon finance program in late 2007, the Gyapa™ fuel efficient cookstove has played a critical role in Ghana, realizing sustained growth in sales through the continued development and success of its local production, distribution and sales network throughout Ghana. RI/EW’s Gyapa™ industry has grown to include over 400 independent producers and 500 retail agents throughout Ghana.
RI/EW takes a unique and innovative approach to promoting the Gyapa™ cookstove by partnering with and investing in entrepreneurs to support the continued growth of local industry. The production, sale and use of these low-cost innovative stoves drive economic growth along with environmental impact. The Gyapa™ stove technology reduces charcoal usage by up to 50%, reduces harmful smoke inhalation for the cooks and household, and is more durable and safer than traditional stoves. Gyapa™ stoves are sold in four different sizes to accommodate domestic and commercial cooking needs, providing significant socioeconomic, environmental, and health benefits to stove users and their communities.
“Relief International has again demonstrated its leadership in the sector with progressive actions to combat poverty,” says Chip Levengood, Chairman of RI/EW’s Board, “Demonstrating the transformative impact of pairing innovative business strategies with development, this project has solidified itself as the leading improved cookstove program through its second consecutive record breaking issuance.”
“Gold Standard cookstoves account for around 75% of carbon market cookstove projects worldwide,” says Adrian Rimmer, CEO of The Gold Standard Foundation, “We congratulate RI/EW’s Gyapa™ project for being part of this and delivering emission reductions and sustainable development impact at such scale.”
“Since it was founded, ClimateCare has advocated integrated Climate and Development projects, designed from the outset to protect the environment and improve people’s lives” explains ClimateCare Director, Tom Morton “The Gyapa™ Stoves project is an excellent example of this approach. Having helped structure finance for this project, we’re delighted to see it cutting a record amount of carbon and having such a positive impact on the lives of local people.”
Carole Lundgren, Social Enterprise Development Officer
About EnterpriseWorks and Relief International
EnterpriseWorks (EW), a division of Relief International (RI/EW), utilizes sustainable, enterprise-oriented solutions to combat poverty’s systemic impacts. For 35 years, EW has built local private-sector driven efficiencies in energy, water, agriculture, and natural products/natural resource management value chains. Relief International is a Los Angeles-based global humanitarian organization that transforms adversity into renewal for the world’s most vulnerable populations. RI/EW’s team of 2,000 relief and development professionals work to bridge the gap between immediate emergency relief and long-term community development through innovative and holistic programming that is grassroots-based. In 2009, EW merged with Relief International bringing together two leaders in their respective fields. For more information, please visit www.ri.org and www.enterpriseworks.org and www.gyapa.com.
About The Gold Standard
For ten years, The Gold Standard has pioneered the way climate change is addressed. Its ‘results based finance’ approach - in which individuals, corporations and governments buy credits against verified emission reductions and sustainable development outcomes - has channelled more than half a billion Euros into 900+ low carbon development projects that would otherwise not have gone ahead. The Gold Standard was established in 2003 by WWF and has more than 80 NGO partners worldwide. For more information, please visit: www.cdmgoldstandard.org
ClimateCare mobilises the power and scale of private finance to deliver projects with positive environmental and social impacts around the world. We combine the vision of a social enterprise and the commercial experience of an investment bank. Leveraging mainstream funding, we profitably deliver some of the largest, most successful corporate sustainability initiatives in the world. From offices in Africa, Europe and Asia Pacific we help many of the world’s leading brands, organisations and governments scale up the impact of their initiatives. By investing their resources in projects that directly combat climate change and poverty, improve health and increase community welfare, we build better futures for millions of people around the world. For more information, please visit www.climatecare.org.