EDP encourages just transition by funding two projects in Spain and Latin America
A company that distributes electric cookers to reduce the use of biomass in cooking, which causes serious health and environmental problems and an organisation that offers professional opportunities in the renewable energy sector to young people at risk of social exclusion, are the two projects selected by the Hope Fund, an EDP funding programme that aims to support organisations that contribute to addressing relevant issues in the context of the energy transition.
In line with EDP's global commitment to promoting a fair and inclusive energy transition, the Hope Fund offers financial support, as well as an incubation and acceleration programme, aimed at helping entrepreneurs develop expansion strategies for their social impact solutions.
In this first edition, after receiving more than 150 applications and selecting over 10 projects whose entrepreneurs received mentoring, EDP will now fund two projects: Clean Cooking Technologies, based in Italy, which focuses on Africa and, with EDP's support, will expand to Latin America; and Generamés, based and operating in Spain. These projects were evaluated and chosen based on criteria of impact, innovation, scalability, and sustainability.
"We are thrilled to support these innovative projects aimed at addressing some of the world's most pressing challenges. Currently, approximately 2.3 billion people rely on polluting fuels for cooking, leading to severe consequences for health, the economy, and the environment. At the same time, climate change is accelerating youth migration, leaving many young people in need of support upon arriving in new countries. At EDP, we believe that by funding these sustainable initiatives, we can help tackle these challenges and create a lasting, positive impact on communities." commented Vera Pinto Pereira, a member of EDP's executive board.
One of the companies selected is Clean Cooking Technologies, dedicated to combating climate change through innovative technologies with a positive impact on health and the environment. With CleKoo, a smart and efficient IoT-enabled induction cooker, the solution eliminates the need to use biomass for cooking, improves health by reducing indoor air pollution, generates carbon credits for families and promotes financial benefits. It also encourages local employment by prioritising the assembly of cookers by communities.
The other project to receive funding is Generamés, a non-profit organisation that employs young people at risk of exclusion in the renewable energy sector while promoting the energy transition. The project aims to combat climate change through the installation of renewable energy systems and to foster the social inclusion of young people from foster homes and migrants without support, offering training and labour qualifications for the installation of these systems, preparing them to join the regular labour market.
This EDP initiative has two partners, Ashoka, a global organisation that specialises in identifying and supporting social entrepreneurs, and Bridge for Billions, an online platform that provides tools, resources and mentoring for entrepreneurs in the early stages of growth.
With this support, EDP and its partners seek to empower entrepreneurs, implement sustainable solutions to tackle social and environmental challenges and encourage cross-sector partnerships that amplify the impact generated.
The Hope Fund is part of EDP Y.E.S. - You Empower Society, the company's global social impact strategy, which involves an investment of 300 million euros by 2030 to support more than 500 social responsibility projects in various locations.
To find out more about these initiatives and the Hope Fund, visit the EDP website here.
