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Zambia has started developing the frameworks and guidelines to support its participation in the carbon markets, a government official has said.
Minister of Green Economy and Environment, Collins Nzovu, said this would help to attract additional finance through article 6 of the Paris Agreement and the voluntary Carbon markets.
During the official opening of the Africa Green Economy Summit in Lusaka on Wednesday, Nzovu said Zambia was ready for green investments.
He stated that the frameworks and guidelines were supporting project development, financing and implementation as well as identifying and building relationships with potential buyers.
“Additionally, Zambia is taking the necessary steps to support green growth by strengthening the policy and regulatory framework,” the Minister stated.
Nzovu added that other steps being taken are enhancing the mobilization of financial resources, strengthening human and technical capacity and enhancing research, technology and innovation capacity.
He said the necessary policies and regulatory frameworks including political will and peace were in place to ensure that the valuable investments were safeguarded.
“Thus far, the overall performance of the Zambian economy has been fair with the annual real economic growth rate averaging just over 5 percent between 2006 and 2022,” the Minister stated.
Read More: Bank of Zambia governor says carbon market remains sluggish due to capacity constraints
Nzovu, however, noted that the growth had come at a great cost to the environment, ecosystems and natural resources.
He said the country had experienced high deforestation rates, climate-induced floods and droughts.
“Indeed, Zambia is considered one of the most vulnerable countries to the impacts of climate change. Additionally, our economic growth has not been adequately inclusive,” the Minister stated.
Nzovu said government had embraced green growth as a tool for attaining a green economy and ultimately sustainable development that was inclusive.
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