WASHINGTON, DC (16 April) – C-Quest Capital LLC (CQC) has signed a deal with Shell Eastern Trading Pte Ltd (“Shell”) which will see the two firms fund the generation of more than 60 million carbon credits via the deployment of two clean and efficient cookstoves to 1.5 million rural households across Malawi, Zambia, Zimbabwe, Mozambique, Uganda, and Kenya.
Over the next decade, this investment will deliver over 60 million high-quality carbon credits with verified Sustainable Development Contributions to the Voluntary Carbon Market. Emissions reduction will be generated by reducing the amount of unsustainably harvested firewood and switching to entirely sustainable sources of woody biomass fuels.
This investment is expected to improve the health and well-being of over 7 million people, with the greatest benefits flowing to women and girls who will spend less time carrying firewood over long distances and to infants who will be less exposed to toxic air pollution from open fires.
“The agreement with Shell allows the lives of some of the poorest communities in the world to be significantly transformed for the long-term,” says Ken Newcombe, CQC’s CEO, and founder. “It is about more than just reducing emissions – it’s about improving the health and well-being of women, who are the key agents of social and economic development in rural Africa. Climate finance is just the means to a development end.”
It is the second leg of a three-pronged program to improve the lives of low-income communities across Sub-Saharan Africa at scale. The first was signed in March with Macquarie Group, to fund the distribution of clean cookstoves to one million households in Malawi, Zambia, and Tanzania, improving the lives of over 5 million people and generating an estimated 40 million carbon credits over 10 years.
To date, C-Quest Capital has delivered improvements to the lives of more than 20 million people across sub-Saharan Africa, Central America, and South and Southeast Asia, while reducing in excess of 5 million tonnes of CO2. The firm’s projects are designed to deliver maximum development beyond emissions reductions, such as improved health and women’s empowerment. For more information, please see cquestcapital.com.
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