Oluwatobi Adu 
ABUJA, Nigeria – Global investors back the World Bank’s new $200 million Clean Cooking Outcome Bond, signalling rising appetite for instruments that deliver measurable social and climate benefits alongside financial returns.
The bond settles in Washington, DC, on Friday after pricing earlier in the week and matures in March 2032. More than ten investors participate, including first-time buyers of a World Bank outcome bond. Investor distribution spans North America (46%), Europe (40%), and Africa, Asia and the Pacific (14%).
The structure protects investors’ principal and pays a fixed return. A portion of that return is redirected upfront, via a hedge transaction with Standard Chartered, to support UpEnergy’s distribution of clean cooking stoves in Ghana. Investors can also earn additional income tied to the carbon credits generated by the project.
The transaction marks the first participation by an African investor in a World Bank outcome bond, reflecting momentum for impact-linked finance. “We are delighted to support the World Bank’s new Clean Cooking Outcome Bond, helping expand access to cleaner cooking technologies for households in Ghana while contributing to meaningful emissions reductions,” says Kris Atkinson of Fidelity International.
Jake Harper of Legal & General adds: “This marks L&G’s first exit bond investment, showing how pension savings can deliver social impact while still producing positive returns.”
Other investors echo the sentiment. “By linking investor capital to measurable climate outcomes, the bond supports several sustainable development goals,” says Hadiza Djataou of Mackenzie Investments. “ZEP-RE is proud to be the only African investor… Clean cooking protects the environment, improves health and supports women,” says Hope Murera, CEO of ZEP-RE
About the Author
Edino Chubiyo Cornelius 
Koko Maxwella 