BusinessClimate Change/ESG

Government adopts comprehensive approach to managing climate crisis

Permanent Secretary in the Ministry of Green Economy and Environment Dr. Douty Chibamba says the Zambian government has adopted a comprehensive approach to managing the adverse effects of climate change whilst promoting environmental sustainability, food security, and peace.

Dr. Chibamba says the approach comprises three key strategies among them the implementation of innovative climate financing mechanisms, facilitated by the Securities Exchange Commission which has been pivotal.

The Permanent Secretary explained that this includes the issuance of green bonds, which enable investments in sustainable projects and initiatives.

Dr. Chibamba says the government has also embraced carbon trading, a market-based mechanism that encourages emission reductions by allowing entities to buy and sell carbon credits.

He says this strategy promotes a more efficient allocation of resources in mitigating climate change.

Dr. Chibamba added that government is further fostering the establishment of a climate change fund, as stipulated in the Climate Change Bill which is still under formulation which will serve as a dedicated financial resource for climate-related projects and initiatives.

The Permanent Secretary was speaking in a speech read for him by Director, Department of Green Economy and Climate Change, Mr. Ephraim Shitima at a two-day workshop by the Consortium of International Agricultural Research Centers (CGIAR) and its partners.

Speaking at the same event, Deputy Director – Policy and Planning in the ministry of Agriculture Paul Mumba said on behalf of the minister Honorable Mtolo Phiri that the workshop is important in setting the agenda for climate change mitigation and adaptation, peace and security in Zambia and the continent.

The workshop has attracted participation from a wide range of stakeholders working in addressing the effects of climate change.

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