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Carbon Finance Leveraging to Make IOCL Surya Nutan Solar Cookers Affordable

Carbon Finance Leveraging to Make IOCL Surya Nutan Solar Cookers Affordable

Globally 2.5 billion 1 lakh access to clean cooking solutions and rely on traditional fuels for their daily cooking requirements. In India, the energy scenario is a complex mix of various energy sources, including traditional fuels such as firewood, agricultural waste and animal waste have played a significant role, particularly in rural areas. After universal access to electric energy, the biggest energy access challenge that India needs to resolve is the transition to clean cooking. Affordability, reliability, and accessibility of solutions and cooking energy to enable the transition. Despite the large-scale LPG distribution and subsidy programs, the high cost of LPG and distribution challenges have led to dependence on traditional fuels for cooking. As per a recent study, 33.8% of households still rely on firewood, chips, and crop residue for cooking with 46.7% in rural and 6.5% in urban India.

IOCL has developed Indoor Solar Cooking System a solar-PV-based cook stove with thermal energy storage. The device has been developed in three versions with single and two burners working on Hybrid and Hybrid + Direct (each burner) mode. The device was launched by Hon’ble Prime Minister during India Energy Week 2023. Designed for a family of 4, the device is designed to work 24 x 7, in all types of weather conditions and can cook food through boiling, heating, sauté & deep frying and roti’s. The device has been tested through pilots and is easy to use, clean, and maintain. IOCL has also simultaneously worked on the production and distribution of the device with already 10 empaneled vendors, and as a next step, the device is ready to be deployed through mass production, providing financial support, and creating awareness. The device is currently priced at INR 40,000 to INR 50,000, which is a high price bracket and a deterrent to tapping into the target market.

In the proposed session, we would focus the discussion on how Carbon finance can be leveraged to reduce the current price of the IOCL’s Surya Nutan devices? making them affordable for the users and an attractive proposition for the Carbon project investors, developers, and consultants. Further, various mechanisms of making the device IOT enabled to generate real-time data of usage and emission savings would be monitored.

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