Absa partners With Forestry Department and ZAFFICO for climate-friendly tree planting
Absa Bank forged a partnership with the Forestry Department within the Ministry of Green Economy and Environment, alongside Zambia Forestry and Forest Industries Corporation (ZAFFICO) PLC, in a concerted effort to combat the adverse effects of climate change through spearheading a tree planting initiative.
During a media briefing to unveil the collaborative effort between Absa Bank, ZAFFICO, and the Forestry Department, Honorable Eng. Collins Nzovu MP, Minister of Green Economy and Environment, expressed his satisfaction with the partnership.
He highlighted the significance of such alliances in fostering tree planting and addressing climate change impacts across the nation.
The Minister commended Absa Bank for aligning its business strategy with climate mitigation efforts in line with Sustainable Development Goals (SDGs), the Paris Climate Agreement, and national and regional legislative frameworks.
He emphasized the importance of such initiatives in promoting environmental sustainability and enhancing livelihoods.
ZAFFICO Managing Director, Mr. Mundia Mundia, underscored the corporation’s commitment to forest expansion and climate change mitigation. With plans to increase plantation size by 50,000 hectares over the next five years, ZAFFICO is investing USD 50 million into forest expansion and value addition activities.
Mr. Mundia highlighted the corporation’s significant contribution to tree planting, with 5.9 million seedlings planted during the 2023/24 season.
In her remarks, Absa Managing Director, Ms. Mizinga Melu, emphasized the urgency of accelerating tree planting efforts. She announced a three-year partnership with ZAFFICO and the Forestry Department to purchase seedlings for planting activities.
Absa Bank has procured 62,500 seedlings worth K250,000 from ZAFFICO and 30,000 seedlings worth K150,000 from the Forestry Department for the current rainy season. This partnership aims to plant over 80,000 trees during the season, contributing significantly to reforestation efforts in the country.
