By Jeff Kapembwa
Zambia’s quest to slow down the pace of climate change effects on humanity and the environment has been accelerated with a lending institution siding with the authorities for remedial actions as the country strives to adapt to the phenomenon haunting the planet.
The Stanbic Bank, a unit in Zambia operating under the auspices of the Standard Bank, South Africa, argues that the calamity is not insurmountable and can be redressed or slowed down with joint efforts from various players.
Yjos can be hastened through investment in sustainable solutions and build resilience, strengthen infrastructure and safeguard against climate shocks.
Findings by science experts shows that the world is losing a staggering US$16 million per hour, From the year 2000 until 2019, global losses were estimated at or around $3 trillion, averaging $143 billion annually.
Per year, research shows, the costs ranged from the low of $23.9 billion in 2001 to the highest annual cost of $620 billion in 2008.
Costs are bound to swell and quadruple without collaborated climate action-what with some companies seeking to increase production of fossil fuels that heighten emission of GreenHouse Gases (GHGs).
Estimates by researchers and climate change campaigners on how much money it would take to end global climate change are projected to go up between $300 billion and $50 trillion over the next two decades.
Experts may disagree about how to stop climate change. While some argue that we need to restore ancient agricultural practices, others believe the answer lies in green technology.
Conclusively, no single solution can address every cause and effect of global climate change—it will take collective, significant actions at all levels to preserve the planet and protect our future, research argues.
However, the financial institution contends that despite the harsh realities of the calamity, there is still for redress with critical thinking on how to grow and invest and build a future that is inclusive and sustainable.
Head of Stanbic Zambia-Mwindwa Siakalima says the institution was ready to partner with the Zambia authorities in building resilience together with other partners in implementing measures that help with climate change adaptation.
Basing its resolve through the institution’s motto” Lead Zambia’s energy and infrastructure development”, seeking to sustain a growth pathway, it is also building resilience to climate shocks in the energy sector through support to alternative sustainable energy solutions.
This is evidenced through various business transactions seeking to build resilience. It cites the financing of the 100MW-US$71,5 million-worth solar plant commissioned in Chisamba in central Zambia, making it the largest project in energy capacity building in the Southern Africa region.
The US$97 million Green Bond tranche by the private energy provider, Copperbelt Energy Corp., where the bank was the Lead Manager and underwriter comes as one success story.
The proceeds from the second tranche are being used to finance the construction of the second phase of the CEC Renewable Itimpi Solar PV plant, north of Zambia and expected to provide 136 MW of the company’s renewable portfolio when completed.
Stanbic is mobilizing and part of the team undertaking a pipeline being undertaken with partners as part of the resilience building as part of the anti-shock effort. In agriculture, the lender is playing a pivotal role in reducing the impact to build the portfolio by funding the lending portfolio.
“We are now supporting climate-resilient practices-from drip irrigation and conservation farming to drought resistant seed varieties and solar powered farming equipment.” said Siakalima during the 87th Agriculture and commercial show hosted in the capital Lusaka, themed: “Adapting to Climate Change” held from July 30 to 4 August.
The Stanbic Bank in collaboration with World Wide Fund for nature-WWF and the National Heritage Commission (NHCC) and the forestry Department have been active in incorporating targeted tree planting, nature tree regeneration.
There are concerted efforts towards promotion of alternative income generating activities in the Zambezi catchment area of Ikelengi to reduce pressure on the natural resource since 2022.
Zambia requires an estimated USD 50 billion for climate change adaptation and mitigation efforts up to 2030.
This includes US$ 35 billion for mitigation and USD 20 billion for adaptation, according to Zambia’s contribution to the UNFCCC. The Zambian government has finalized a National Adaptation Plan.
Implementation, however, requires significant financial support, according to the Government blueprint.
And visiting Botswana President, President of Botswana, called for redress of the adverse effects of climate change, which continue to impact agricultural yields across the region.
He argues, climate change does not recognise borders and affects countries, necessitating a unified and coordinated response.