Cook to earn: households earn money by cooking

Cook to earn: households earn money by cooking

News item
04 Sep 2023

We have joined forces with MECS and ATEC to set up a project that shares the carbon credits revenue share with households based on verifiable usage data – powered by ATEC’s Internet of Things (IoT) integrating carbon credits and fintech.

The project facilitates the transition of traditional cooking methods in Bangladesh and Cambodia. Firewood or charcoal makes way for clean cooking solutions based on electricity. The program will implement a unique cooking-and-earning model. ATEC live electric cooking appliances can track usage data. Micropayments for carbon credits are then transferred directly to households’ mobile money accounts, linked to usage levels. This provides a direct financial incentive for households to quickly adopt modern cooking solutions over traditional methods.

We have entered into a purchase agreement with ATEC. This included an agreement to sell the Cook-to-Earn carbon credits from the project. The carbon credits will be sold to companies that want to finance fair climate actions.

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“We are excited to be working with FairClimateFund & MECS on this project,” says ATEC CEO Ben Jeffreys. “The ultimate goal is for households in developing countries to have control over the value of their emissions reductions. This pilot will help us all understand technical and financial level how this can be achieved on a global scale.”

ATEC is a project developer in the modern cooking sector. The cook-to-earn concept is implemented in their projects in Bangladesh and Cambodia. This allows households to access clean cooking solutions and generate income through their cooking practices. By using ATEC’s IoT digital verification and embedded financial technology, we ensure that costs are transparent. This transparency ensures that the proceeds from the sale of carbon credits go directly to households. This creates economic opportunities and improves living conditions for them.

A minimum price and a target price have been agreed between FairClimateFund and ATEC. This allows 70% of the purchase price to be transferred directly to users as mobile payment. The remaining 30% of the costs covers the credit generation costs incurred by ATEC.

Using the Gold Standard measured method for digital verification, carbon credits can be issued when emissions reductions are achieved through real-time monitoring, reporting and verification. The collaboration between the organizations aims to achieve sustainable change and strengthen vulnerable communities in Bangladesh and Cambodia. A public report with initial findings is expected to be released in early 2024.

“FairClimateFund believes in benefit sharing and transparent cost flows in their projects. Those responsible for CO2 reductions should benefit most from these efforts, says Neera van der Geest, director of FairClimateFund.”