PwC fails to find buyer for Koko Networks carbon credits, complicating creditor recovery

Administrators at PwC have not found a buyer willing to pay a viable price for carbon credits held by Koko Networks, the collapsed clean cooking company. The failed sale adds uncertainty for creditors, lenders and suppliers owed money after Koko entered administration. The company had built its business around bioethanol cooking fuel and automated refuelling points in Kenyan cities, with carbon revenue meant to subsidize equipment and fuel costs. Those credits could not access higher-value compliance markets, which the article says created liquidity pressure. For anyone tracking carbon finance, this is a concrete example of how fragile offset-dependent business models can be. It also raises questions about the actual market value of credits from clean cooking projects once a company fails. The administrators are still exploring other asset sales and restructuring paths, but the inability to monetise the carbon portfolio narrows the options for paying back creditors.