Koko Networks, a Kenyan clean cooking pioneer, collapsed after raising $300 million on claims that 1.3 million households used its stoves daily. The company's failure has sent shockwaves through global carbon markets, raising questions about cookstove credit methodologies and threatening airlines' plans to use these credits to offset emissions.

PwC is now selling what remains of Koko after it entered administration in February. The company had secured $180 million in insurance from the World Bank's MIGA and backing from Vitol, rolling out ethanol-fueled stoves across Kenya. However, questions are mounting about why Gold Standard approved Koko's carbon credit calculations and why MIGA underwrote the scheme.

Experts estimate Koko's actual carbon impact was as little as one-tenth of claims, with active users potentially under half the declared numbers. The company's collapse highlights fundamental issues in carbon credit markets, where ambiguous regulations have allowed some originators to inflate their environmental impact. As airlines scramble for alternative credits and legal battles loom, Koko's demise serves as a cautionary tale about the risks of flawed carbon credit markets funding real-world infrastructure.