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The Zambian government has announced plans to increase the non-hydro renewable energy mix, including solar and wind, to 30 percent by 2030, aiming to reduce its current dependence on hydropower, which stands at 85 percent.
Curthbet Munakwenka, Director for Energy and Infrastructure at the Presidential Delivery Unit (PDU), made this announcement during the launch of Stanbic Bank Zambia’s Business Solar Finance at the Intercontinental Hotel in Lusaka on Tuesday.
He highlighted the government’s commitment to enhancing Zambia’s green credentials, noting that only 10 percent of the country’s energy production contributed to carbon emissions.
Munakwenka commended Stanbic Bank’s initiative in promoting renewable energy and reducing the carbon footprint.
He stated, “The Ministry of Energy’s tender to solarize government buildings and commercial/industrial areas is a significant step towards achieving a low-carbon economy by 2030.”
This effort aligned with Zambia’s National Green Growth Strategy, which focused on resource efficiency, resilience and social inclusivity.
He stated the importance of collaboration and innovation in achieving green growth goals and establishing Zambia as a model for sustainable development in Africa.
Munakwenka also mentioned that the government was exploring opportunities for green financing and developing regulations around environmental sustainability.
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Mwindwa Siakalima, Chief Executive of Stanbic Bank Zambia, explained that the newly launched Solar Loan Facility aimed to complement the government’s efforts in increasing investments in the energy sector.
“The Stanbic Business Solar Loan is designed to help businesses invest in clean, stable energy sources that reduce operational costs and environmental impact,” he stated.
Siakalima underscored the initiative’s role in supporting sustainability and enhancing business resilience in a rapidly greening global market.
“It explores cheaper and more sustainable alternatives to grid power, paving the way for Zambian businesses to lead in sustainability,” he added.
He affirmed the bank’s commitment to empowering businesses to harness clean energy and secure long-term value for future generations.
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