Efforts to bring cleaner, more efficient stoves to the billions of people who use traditional biomass for cooking and heating have gained new momentum in recent years, driven both by longstanding health and environmental concerns, and by a growing recognition of the importance of modern energy access for development. In this context, carbon finance is emerging as an attractive option to help scale-up cookstove projects, through the Clean Development Mechanism (CDM) and through voluntary markets, where demand for credits from cookstove projects has been rising rapidly. This report uses case studies of India and Kenya to examine the growing role of carbon finance in cookstove projects, with a focus on how it might support market transformation.