To help bridge the funding gap for businesses in the clean cooking segment, UK Aid-funded Modern Energy Cooking Services (MECS) Programme has launched an investor pitching and connect initiative.
The programme will help businesses in the clean cooking segment raise capital, a statement said.
The programme aims to address the problem of lack of access to clean cooking solutions, faced by about 2.4 billion people worldwide, it noted.
One of the reasons behind the problem is financial constraint as the businesses in the segment need about USD 10 billion annually, the statement claimed.
The problem is particularly persistent in India, with many households still using traditional biomass-based solutions and relying on firewood, cow dung cakes, and agricultural residue, it stated.
The MECS Programme is a UK Aid-funded global research programme led by Loughborough University and the World Bank's Energy Sector Management Assistance Program (ESMAP).
"We recognise the transformative power of clean cooking solutions and services, not just for the environment but also for improving the health of women and children who are disproportionately affected by household air pollution. This initiative will drive meaningful contributions to a greener, healthier future," a spokesperson said.