By Jeff Kapembwa
Zambia seeks a staggering US$35 billion to precipitate over the recurring climate change as espoused under the Paris Agreement while it proposes the Green Growth Strategy, a catalyst for enhancing environmental protection.
Under the Nationally Determined Contributions (NDCs), a driver for climate action, Zambia already in top gear to counter the effects of climatic crisis, which has swept the country’s farming programme in the 2023/24 season, wearing away over 1 million hectares of planted maize, leaving over 7 million in dire need of food and the funding is expected to enhance the call for action wants an all-inclusive participation to redress factors heightening the avoidable crisis.
The impact of climate change has further been amplified through the El Nino effects buffeting Zambia and its neighbors as evidenced by power outages due to the poor rains experienced.
Minister of Green Economy and Environment Collis Nzovu realizes the cost of fighting climate change, an action it has already stepped on through NDCs and has revised the Paris Agreement to incorporate other aspects to wholly embrace challenges and find durable solutions to secure the country from further devastations.
Speaking during a symposium in Lusaka, facilitated by Zambia National Commercial Bank and the country’s cooperating partners, Minister Nzovu noted that fighting climate change was an enormous task hence the revisions to the Paris Agreement which needs action until 2030.
Since 2020, the revised Paris Action has been planned to be implemented until 2030 with a funding in excess of US$17 billion, having secured support from Green Climate Fund.
The action had helped finalise the preparation for the National Adaptation Plan (NAP) which provided a roadmap for building the country’s resilience in various sectors, raising the call for funding to US$34.7 billion and expected to be actioned and actualized between 2023-2025.
To step up the country’s determination to reverse the effects of climate change, Zambia launched the National Green Growth Strategy, signaling a critical milestone in transitioning Zambia to a resilient, resource efficient, low carbon and socially inclusive economy.
“The Green Growth Strategy, which will foster sustainable economic growth and development that ensures that natural assets continue to provide the resources and environmental services on which our well-being depends” Minister Nzovu told project developers, sponsors, investors, regulators, among others..
An estimated US$10.4 billion is further required to achieve the Green Growth Strategy from 2024-2030, a broader goal needed to catalyse investments and innovation which should underpin sustained growth and give rise to new economic opportunities, a call for external help.
Zambia stepped up the fight against climate change to manage the forest through the development of the REDD+ strategy envisaged to help reduce emission from deforestation and further established the forest development fund with the provision of Forest Act NO. 4 of 2015 to help manage the forests in the country, which is under siege.
Minister Nzovu challenged the private sector including financial institutions to join in the fight against climate change and emulate the Government as part of the multilateral process as the crisis and save the country from the adverse effects of climate change.
Corporates and other interest groups should seek to allocate a portion of your climate funds to protect the forest carbon sink.
At continental level, the devastation of climate change have been exhibited through increasing, from floods and droughts to food and water insecurity; loss and damage caused by the climate crisis and needs adaptation strategies and funding secured on or before 2050 to defray economic losses.
“This, therefore, calls for concerted effort in addressing the costs and financing gaps. Today we are faced (crisis) with and this entails that investments in renewable energy will be critical” Minister Nzovu said while commending the Zambia National Commercial Bank for leading the way in financing climate change solutions.
He urged various interest groups to reach out to the financing institution for financial resources needed to reverse climate change impact with bankable proposals to secure funding for renewable energy as part of the solution for mitigating the impacts and promoting adaptation and resilience especially for vulnerable communities.
Zanaco chief executive officer Ukwandi Chibesakunda reiterated the financial institution’s resolve to promote the fight against climate change and has staked US$50 million from the British International Investments (BII) for onward lending to SMEs in the green space for various interventions.
The funds are available for uptake in among other projects agro forestry, smart agriculture, renewable energy and eco –tourism. And Zanaco, a member of the GGF, is eligible to access about US$50 million per project to help unlock finance for green projects as evidenced by the institution’s involvement in planting one million trees.
The Bank has so far planted a total 556,549 trees in schools, chiefdoms and farming communities while supporting food security to various interest groups as part of the contributions to Zambia’s fight against climate change.
Chibesakunda urged the country to migrate to mechanized agricultural practices and production of winter maize to ensure food security while calling for other energy conserving practices to reduce climate change impact.
“With the country recording drought, it is only necessary that the impact is cushioned by mechanised agriculture and production of winter crops.”
The symposium closes today, having attracted various international players including the European Union, GGF among others that supported the deliberations since it opened on 14 May.