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Standard Bank provides funding in support of TASC’s efforts towards emissions reductions

07 Nov 2023

Country
South Africa
Year
2023
Business Unit
Corporate and Investment Banking
Specific Role
Sustainability-linked financing
Standard Bank supports TASC’s efforts to reduce emissions, preserve biodiversity and improve the health and well being of rural communities through the funding of its efficient cookstove program.

Standard Bank is excited to announce that it has executed a transaction with The African Stove Company (TASC) to help reduce emissions, preserve biodiversity and improve the health and well being of rural communities.

TASC distributes efficient cookstoves free of charge to rural communities that would otherwise cook all or some of their meals on open firers.  The cookstoves burn much cleaner than open fires thereby reducing the health hazards of smoke inhalation. In addition due to the efficiency of the cookstoves significantly less firewood is required which reduces:

  • the time and resources that the recipents need to spend finding or paying for firewood;
  • the pressure on the ecosystem; and
  • the carbon emissions from cooking.  

TASC generates as a result of the reduction in carbon emissions from the use of the cookstoves.  The carbon credits can be sold to companies that want to contribute to combatting climate change and offset their emissions.  The TASC efficient cookstove program is fully funded by the sale of its carbon credits.

TASC’s goal is to distribute 750,000 efficient cookstoves to rural communities and Standard Bank is providing TASC finance against the future sale price of the carbin credits.

The deal demonstrates Standard Bank’s capability to fund against carbon credits as a commodity, thereby enabling the developers of carbon projects to expand their emission reduction efforts, preserve ecosystems and benefit communities.