UK OFFERS £3 BILLION TO SUPPORT ZAMBIA’S ENERGY TRANSITION AND MINING FOR SDG NO. 7
In a significant move towards achieving United Nations Sustainable Development Goal (SDG) number 7, which calls for universal access to clean, affordable, and sustainable energy for all by 2030, the United Kingdom has pledged £3 billion to support Zambia’s energy transition and mining sectors. The announcement came as British Foreign Minister James Cleverly concluded his four-day visit to Africa to strengthen bilateral ties.
The deal includes a UK-Zambia Green Growth Compact, with a focus on generating £2.5 billion of British private sector investment in Zambia’s mining, minerals, and renewable energy industries, supplemented by £500 million of government-backed investments.
This landmark agreement is poised to drive Zambia’s industrialization efforts and enhance energy security, not only domestically but also in the region. The diversification of energy sources is a crucial step in balancing Zambia’s energy portfolio, which currently heavily relies on hydro power, leaving the country vulnerable to challenges related to rainfall patterns.
The UK government’s support comes at a critical time, offering a much-needed boost to Zambia’s ongoing energy sector restructuring efforts, including tariff reforms that have attracted substantial investments and led to concrete results.
Energy expert, Dr. Johnstone Chikwanda, commended the UK government for extending this financial assistance to Zambia. He also congratulated the Zambian government for its dedication to energy sector reform, which has paved the way for unprecedented investment pledges, surpassing $6 billion.
This substantial financial support from the UK will not only accelerate Zambia’s progress towards SDG number 7 but also contribute to the nation’s overall economic development and regional energy security.
