The Asian Development Bank is providing a loan of $6.5 million to Greenway Grameen Infra as a senior secured loan to produce and distribute 1 million improved cookstoves to rural households in Madhya Pradesh and Odisha.
The financing also includes a $3.25 million first-loss liquidity reserve from the Climate Innovation and Development Fund (CIDF), administered by ADB. This project will subsidize the cost of new cookstoves to rural households using traditional, inefficient cooking methods.
Established in 2010, Greenway is a climate action and improved cookstoves enterprise. Its products are used by nearly 3 million households globally.
Greenway Smart Stove is priced at ₹2,199, and Greenway Jumbo Stove priced at ₹3,499. Its sales have risen from about 130,000 stoves in FY19 to about 500,000 stoves in FY23.
Compared to l traditional mud chulhas or indoor stoves, the improved stoves reduce fuel needs by 65 per cent and smoke generated by 70 per cent, significantly reducing black carbon and 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 improved cookstoves to international buyers.