Zambia Secures Major Wins at COP-28 for Climate Action and Green Growth
In a press briefing held today at the Taj Pamodzi Hotel in Lusaka, Hon. Eng. Collins Nzovu, Member of Parliament and Minister of Green Economy and Environment, shared the outcomes of the recently concluded Twenty-Eighth Session of the Conference of the Parties (COP-28) to the United Nations Framework Convention on Climate Change (UNFCCC).
The conference, which took place in Dubai from November 30th to December 13th, 2023, brought together global leaders to address pressing climate challenges.
Hon. Nzovu began by expressing gratitude to various dignitaries present, including the Permanent Secretary of the Ministry of Green Economy and Environment, Dr. Douty Chibamba, and accredited diplomats to Zambia.
He highlighted the importance of COP-28 as the highest decision-making body on climate change, where countries that have signed the UNFCCC, the Kyoto Protocol, and the Paris Agreement come together to address climate-related issues.
The conference aimed to achieve four paradigm shifts: fast-tracking a just and orderly energy transition, transforming climate finance, prioritizing nature and people in climate action, and promoting inclusive participation.
His Excellency, Mr. Hakainde Hichilema, President of the Republic of Zambia, actively participated in the World Climate Action Summit at COP-28, emphasizing the need for strengthened commitments and clear pathways to achieve greenhouse gas emission reduction.
One of the key achievements highlighted by Hon. Nzovu was the operationalization and capitalization of the Loss and Damage Fund and Funding Arrangements. The fund, established at COP-27 in Egypt, received pledges exceeding $800 million, surpassing the required $200 million to make the fund operational.
While welcoming these pledges, Zambia emphasized the need for additional funding to address the substantial requirements for loss and damage resulting from climate change.
Outside the COP-28 negotiations, Zambia engaged in bilateral and other events, resulting in several significant achievements. These include the registration of Zambia’s first-ever green bond, valued at $200 million, announced by the Copperbelt Energy Corporation (CEC).
Additionally, an MOU was signed between the Zambian government and the Rockefeller Foundation for the development of 1,500 minigrids across the country to achieve universal access to electricity by 2030.
Zambia also secured partnerships with USAID and private sector companies, BG Titans and Genesis Energy, to mobilize $20 billion for climate solutions over the next five years. Furthermore, the Zambia Industrial Commercial Bank (ZICB) explored a potential $50 million deal with Convergence Finance of Canada to support climate-smart SMEs.
Other noteworthy achievements include the signing of a power purchase agreement (PPA) for a 25MW solar project by Greenco Power Services and Ilute Solar, bringing in $37 million of foreign investment.
The country also enrolled in the Africa and Middle East Scaling-Up Agriculture and Food Systems Transformation for Economic Development (SAFE) initiative by the Global Green Growth Institute (GGGI), aiming to mobilize at least $10 billion for climate and food security solutions.
The Minister concluded by emphasizing the positive implications of COP-28 outcomes for Zambia, including increased financial flows and significant investments in the country’s economy.
He outlined the government’s commitment to follow up on all engagements made during COP-28 and ensure that the benefits are realized for the country’s sustainable development.
In conclusion, Zambia’s participation in COP-28 is expected to catalyze the country’s journey towards a sustainable future, attracting funds and investments that will contribute to the successful implementation of climate change programs and projects.
