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Minister Nzovu Urges Private Sector Engagement in Climate Action at ZANACO Symposium

Honourable Engineer Collins Nzovu, Minister of Green Economy and Environment for the Republic of Zambia, delivered a compelling address at the ZANACO Climate Finance Symposium held at Ciela Resort, emphasizing the critical need for collective action in combating climate change.

Addressing a diverse audience including senior government officials, corporate leaders, and environmental enthusiasts, Minister Nzovu underscored the immense financial resources required to tackle climate change effectively. 

He highlighted Zambia’s commitment to the Paris Agreement through its Nationally Determined Contribution (NDC), requiring $17.2 billion USD for implementation up to 2030. 

Additionally, he outlined the financial needs for the National Adaptation Plan (NAP) and the recently launched National Green Growth Strategy.

Acknowledging the limitations of government funding alone, Minister Nzovu called upon the private sector, particularly financial institutions like ZANACO, to play a more significant role in climate finance. 

He commended ZANACO for its proactive stance in supporting green initiatives and urged other corporate entities to follow suit.

The Minister stressed the urgency of addressing climate change, citing recent challenges faced by Zambia such as power outages due to poor rains. He emphasized the importance of investments in renewable energy and urged investors to tap into available funds at institutions like ZANACO.

Furthermore, Minister Nzovu highlighted the critical need to protect Zambia’s forests, announcing the government’s ban on charcoal production permits to combat deforestation.

In closing, he urged participants to collaborate and devise sustainable solutions to mitigate the impacts of climate change, emphasizing the importance of networking and collective action.

The symposium, organized by ZANACO, provided a platform for stakeholders to explore strategies for accelerating climate finance and fostering sustainable development in Zambia.

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