BURN Unlocks 5.2 Million CORSIA-Eligible Carbon Credits

Lagos, Nigeria – 8 October 2026- Nigeria is unlocking another new opportunity in the global carbon market, and clean cooking is becoming one of its most significant sources of high-integrity carbon assets. With more than a decade of investment in local manufacturing and the distribution of one million clean cookstoves to Nigerian households, BURN is helping to build the scale and infrastructure needed to translate this impact into international carbon finance.  

Following a Letter of Authorisation (LOA) issued by the National Council on Climate Change (NCCC) under Article 6.2 of the Paris Agreement, BURN’s first batch of Nigerian credits has been “tagged” by Gold Standard. This means the credits are fully eligible for sale into the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The authorisation, signed in March 2026, was the first of its kind for a Nigerian clean cooking project, and converts more than a decade of on-the-ground manufacturing and distribution into a tradable, compliance-grade climate asset, opening a new revenue channel for Nigeria and a new supply line for airlines racing to meet their CORSIA obligations. 

Peter Scott, Founder and CEO of BURN, "Every credit under this authorisation represents a Nigerian household gaining access to cleaner cooking, reducing fuel use, improving indoor air quality and easing pressure on forests. With the National Council on Climate Change helping build a credible carbon market, Nigeria is creating a pathway for climate finance to reach households at scale."  

With 5.2 million credits authorized so far, the scale behind the project is significant. The development of these carbon assets has been enabled by investments from Key Carbon and AfricaGoGreen Fund (AGG) managed by Cygnum Capital, whose backing has helped bring these credits to Gold Standard, CORSIA-eligible status. The credits sit behind close to one million clean cookstoves already distributed to Nigerian households, manufactured at a rate of roughly 40,000 units a month out of BURN's ISO-certified Kano facility. BURN and its partners have invested more than $9.6 million in Nigerian operations to reach this point, including the build-out of the Kano assembly line itself. 

Luke Leslie, CEO, Key Carbon, said, “Key Carbon has committed approximately US$50 million to Global Cookstoves, our joint venture with BURN, to finance 19 clean cooking projects across Africa. Global Cookstoves will receive 4.4 million of the credits covered by Nigeria’s Letter of Authorisation. This milestone shows what sustained investment and a clear national Authorisation process can deliver: clean cooking at scale and a route for its verified emissions reductions to reach international buyers.” 

The timing works in Nigeria's favour. CORSIA's first compliance phase covers emissions from 2024 to 2026, and airlines are required to retire eligible offset units by January 2028, placing Nigeria's newly authorised supply squarely inside the window global carriers are already buying against. Demand is anchored by airlines under CORSIA compliance obligations, alongside voluntary corporate buyers seeking high-integrity, health-linked credits. Nigeria's Carbon Market Framework, approved by H.E. President Bola Ahmed Tinubu in January 2026, has been positioned by the government as opening the door to a multi-billion-dollar annual carbon finance opportunity. Few African nations can claim all three pillars of a functioning carbon market at once: a national framework, an operational Article 6 authorisation process, and verified project supply at scale. Nigeria now can, and that convergence is what turns policy ambition into a market the world can actually transact with. 

The pathway from a Nigerian kitchen to an international carbon credit now runs through a defined, repeatable chain. Fuel-efficient stoves reach households nationwide through BURN's Kano-manufactured supply chain, reducing the use of biomass fuels. The resulting emissions reductions are monitored and verified against approved methodologies, after which the NCCC issues a Letter of Authorisation under Article 6.2, applying Nigeria's corresponding adjustment and clearing the credits for international transfer. Gold Standard then tags qualifying credits as CORSIA Phase 1 eligible, with insurance to cover the gap between authorisation and credits being retired in Nigeria’s Biennial Transparency Report, before the credits move to airlines and corporate buyers through BURN and its transaction partners. 

Laurene Aigrain, Managing Director, AfricaGoGreen Fund said, “This authorisation is proof that patient, high-integrity investment in African clean energy can compete on the world stage. AfricaGoGreen Fund backed BURN's Nigerian pipeline because we believe capital should follow verified impact. This is what it looks like when climate finance actually reaches the household level."  

BURN designs, builds, and distributes fuel-efficient clean cookstoves across Africa, and operates an ISO-certified manufacturing facility in Kano, Nigeria. Recognised as the clean cooking sector's highest-revenue company, BURN has sold more than seven million stoves globally and finances distribution in part through high-integrity carbon credit sales under Article 6 of the Paris Agreement. 

About Global Cookstoves Ltd and Key Carbon 

Global Cookstoves Ltd is a 50-50 joint venture between BURN and Key Carbon.  

Key Carbon is a global carbon credit investment platform that finances projects and markets carbon credits from its own portfolio and partner developers. Its focus spans CORSIA supply and high-integrity, CCP-labelled credits with pathways into compliance markets. 

About Africa Go Green Fund 

AGG is designed to support activities that mitigate GHG emissions in Africa. The fund provides debt financing to businesses and projects across the spaces of industrial energy efficiency, green buildings, clean transport, and green appliances. AGG was established by KfW and has received funding commitments from the German Federal Ministry for Economic Cooperation and Development (“BMZ”) through KfW, in addition to funding commitments from the African Development Bank (and in its own capacity as the implementing entity for SEFA and the Clean Technology Fund (“CTF”)), the International Finance Corporation (“IFC”), Nordic Development Fund (“NDF”), British International Investment (“BII”) and Calvert Impact Capital, Monday Charitable Trust (MCT) and DEG (Deutsche Investitions - und Entwicklungsgesellschaft). The fund’s current committed capital is at USD 232 million. 

About Cygnum Capital 

Cygnum Capital Group is an investment bank and asset manager operating across frontier and emerging markets. Founded in 2008, Cygnum Capital is a global provider of tailored and innovative financial solutions to meet its clients’ diverse needs. Cygnum Capital uses long-term relationships, networks and local market understanding to deliver a best-in-class service. With offices in London, Nairobi, Lagos, Dubai, and Amsterdam, Cygnum Capital’s dynamic team of 70 finance professionals provide deep sectoral expertise, a broad product offering, an asset management platform and the ability to leverage synergies between our corporate finance, asset management and advisory activities. 

About BURN In Nigeria   

BURN is a leading clean cooking company and vertically integrated carbon project developer that has operated in Nigeria for the past five years, selling over 1 million clean cookstoves and impacting more than 1.4 million lives. Operating across 12 African countries with over 3,000 employees, BURN manages the full carbon value chain, from product design and manufacturing to distribution, financing, carbon project development, monitoring and verification. Its cookstoves have generated ~9.5 million Gold Standard credits, reduced indoor air pollution by up to 100%, and protected forests by saving over 47.8 million tons of wood. 

Learn more at burnstoves.com.