Swedish Energy Agency Eyes Renewable Energy Investments in Zambia
The Swedish Energy Agency has shown a keen interest in exploring new investment opportunities in Zambia’s renewable energy sector, aiming to leverage the country’s abundant potential in green energy and energy efficiency initiatives.
This development follows a high-level meeting between officials from Zambia’s Ministry of Green Economy and Environment and a Swedish delegation led by SPARC6 Zambia Team Lead, Mr. Joachim Schnurr.
During the meeting at the Industrial Development Corporation (IDC) offices in Lusaka, Mr. Schnurr praised Zambia’s significant progress under the SPARC6 program—a German Government-funded initiative that assists countries like Zambia in participating in the global Carbon Market.
He highlighted that Zambia is on track to establish a comprehensive carbon market framework by the end of this year, which would further enhance the country’s appeal for climate-focused investments.
“The potential for developing new renewable energy and energy efficiency projects in Zambia is an exciting prospect for the Swedish Energy Agency,” said Mr. Schnurr. He emphasized the Agency’s enthusiasm for supporting project development in the Zambian energy sector, noting the strides made over the past two and a half years under the SPARC6 program.
In response, IDC Acting Head of Investments, Mr. Mulumba Lwatula, underscored the need for increased technical and financial support to advance renewable energy initiatives in Zambia. He detailed the IDC’s ongoing efforts, including the establishment of two solar power plants within the Lusaka South Multi-Facility Economic Zone (MFEZ).
He also mentioned that approximately 500 megawatts of new renewable energy projects are poised for deployment, reflecting the IDC’s commitment to the government’s push for renewable energy.
The Swedish delegation’s visit was part of the Supporting Preparedness for Article 6 Cooperation (SPAR6C) Program, led by the Global Green Growth Institute (GGGI) in collaboration with GFA Consulting and UNEP Copenhagen Climate Centre.
SPAR6C aims to catalyze investment in greenhouse gas emissions reductions by supporting carbon project development and facilitating transactions of Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6 of the Paris Agreement.
The SPAR6C program is providing technical assistance to help bring Zambian renewable energy projects to bankability, including feasibility studies, the development of Mitigation Activity Design Documents (MADD), project validation, and the identification of financing sources, including potential buyers.
