BEIJING, Sept. 20, 2023 /PRNewswire/ -- At the China Sustainable Investment (ESG) and Hainan Free Trade Port Sanya Forum, CCV entered into a significant partnership with Tai Ming Carbon Management by signing a cooperation agreement for the Bangladesh Energy-Efficient Stove Carbon Reduction Project.
This marks another significant step for CCV in the ESG field this year, following its official membership in the United Nations-supported Principles for Responsible Investment (UNPRI). Through this strategic collaboration, CCV will contribute to the ongoing development of the global carbon market and actively promote the participation of more companies and organizations in this initiative.
Once initiated, the project will distribute over a hundred thousand portable energy-efficient improved stoves (ICSs) in the districts of Sylhet and Chittagong in Bangladesh, replacing traditional inefficient stoves and bringing about positive environmental and societal changes.
ICSs are at the core of this project, as they improve energy efficiency by burning wood more efficiently, reducing fuel expenses, and significantly decreasing indoor air pollution, particularly benefiting the health of women and children. This initiative helps reduce Bangladesh's reliance on biomass resources like wood, lowering greenhouse gas emissions and assisting in addressing the issue of deforestation faced by the country. Before the project's implementation, Bangladesh widely used traditional solid fuels such as open flames or three-stone fires for heating purposes. Over 41% of households in Bangladesh still rely on wood fuel for cooking.
The project has already obtained carbon reduction certifications, and once operational, it is expected to annually reduce over 400,000 tons of carbon dioxide emissions while fulfilling commitments to all 13 United Nations Sustainable Development Goals.
Bangladesh was chosen as the project's implementation site due to the severe adverse effects of traditional stoves on health and the environment in the country. According to estimates by the World Health Organization, over 40,000 people worldwide die each year due to issues related to indoor air pollution (IAP). Bangladesh alone records over 3,000 deaths annually from IAP, primarily caused by traditional wood-burning stoves.
Despite the Bangladesh government's introduction of the Seventh Five-Year Plan aimed at addressing air pollution issues caused by brick kilns, vehicle emissions, and waste incineration, an effective solution to indoor air pollution has yet to be found.
CCV, inheriting its green genes from KPCB China, has been focusing on green technology investments since its inception and has consistently incorporated ESG elements into investment decisions. To date, the companies we have invested in all contribute to making the world a better place though initiatives similar to the Energy-Efficient Stove Carbon Reduction Project.
CCV will continue to unite CCV's Portfolio to contribute to society, shoulder social responsibilities, practice long-termism, and consistently use the power of "business for good" to support ESG goals.
Contact: Jing Wu, jwu@ccvcap.com
