UpEnergy supported by first Clean Cooking Outcome bond unlocking USD 30.5 million for projects in Ghana
Kampala, Uganda — 05 December 2025 — Today, the World Bank and Standard Chartered announced a new USD 200 million Clean Cooking Outcome Bond that mobilises USD 30.5 million of private capital to support the rollout of modern cooking technologies across Ghana. This represents the World Bank’s first outcome bond with investor returns tied to ITMOs under Article 6.2 of the Paris Agreement.
This follows UpEnergy’s announcement last week that Ghana and Switzerland authorised - the largest Article 6.2 electric-cooking activity globally in partnership with the KliK Foundation.
Through the bond and UpEnergy’s partnership with the KliK Foundation, more than 245,000 zero-emissions e-cooking systems will be deployed between 2025–2027, bringing cleaner, faster, smoke-free cooking to homes with grid access where charcoal remains the primary cooking fuel. Approximately one million people are expected to benefit.
UpEnergy will also support households without reliable electricity access that remain dependent on biomass fuel for daily cooking needs by deploying 170,000 locally manufactured efficient biomass units. Both technologies are tailored to Ghanaian cooking practices and are digitally monitored providing real household usage insights that underpin Article 6 reporting and strengthen behavioural adoption over time.
"We are proud to catalyze private investment to deliver clean cooking to 1.3 million people in Ghana. By linking returns to verified ITMOs, this outcome bond advances access to carbon markets, supports local manufacturing, and delivers measurable climate and health gains. We are committed to support our clients, including in mobilizing private capital, to bridge financing gaps, de-risk investments, and bring climate-smart technologies to communities faster," said Robert Taliercio O'Brien, Division Director for Ghana, Liberia, and Sierra Leone, World Bank.
Henrik Raber, Global Head, Global Banking at Standard Chartered, added: “The USD 200 million size for the outcome bond and diverse investor base from four different regions across our footprint is testament to the success of this inaugural and innovative transaction.”
This marks the first outcome bond linked to Article 6.2 activities, showing how outcome-based finance can channel private capital into African climate projects that deliver verifiable emissions reductions while accelerating access to modern cooking, improving indoor air quality, and generating local jobs and economic activity.
We appreciate the climate leadership and trust shown by the Governments of Ghana and Switzerland and thank the World Bank Group, Standard Chartered and the KliK Foundation for their role in making this possible.
Read more about the bond from the World Bank: https://www.worldbank.org/en/news/press-release/2025/12/05/world-bank-s-new-outcome-bond-supports-clean-cooking-initiative-in-ghana
And Standard Chartered update: https://www.sc.com/en/press-release/standard-chartered-closes-usd200-million-clean-cooking-outcome-bond-to-unlock-usd30-5-million-for-projects-in-ghana/