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Zambia needs approximately US$34.7 billion to fully implement its National Adaptation Plan (NAP) by 2035, aimed at enhancing resilience to climate change.
Green Economy and Environment Minister, Collins Nzovu, revealed this during the opening of the two-day ZANACO Climate Finance Symposium in Chongwe.
He highlighted that last year, with support from the Green Climate Fund (GCF), Zambia finalised its NAP for the period 2023-2025.
Nzovu stated that Zambia had also committed to global climate change efforts under the Paris Agreement by developing a National Determined Contribution (NDC).
“We revised this instrument in 2020 and its implementation up to 2030 requires $17.2billion,” Nzovu said.
Furthermore, Zambia launched the National Green Growth Strategy, aiming to transition to a resilient, resource-efficient, low-carbon, and socially inclusive economy.
This strategy, crucial for sustainable economic growth, demanded $10.4 billion from 2024 to 2030.
“Zambia like many African countries is in dire need for climate financing, and securing the much needed finance will go a long way in reversing the impact which has taken a toll on all of us,” he said.
Nzovu stressed the urgency of climate financing for Zambia, citing recent power outages due to poor rainfall.
He urged entities like ZANACO to lead in financing renewable energy projects.
Read More: Zambia needs $50 billion climate financing by 2030, says African Economic Outlook
Additionally, Nzovu highlighted forest degradation and deforestation as critical concerns, particularly following the recent declaration of a national disaster by the President.
ZANACO Managing Director, Mukwandi Chibesakunda, noted the bank’s accreditation to the GCF, allowing access to up to US$50 million per project, facilitating financing for green projects.
“The United Nations reports that Africa will be US$2.5trillion short of the finance it needs to cope with climate change by 2030 and we believe the continent can lobby and attract for funds to cushion the deficit through interventions,” Chibesakunda said.
Chibesakunda stated the urgent need for climate finance, citing the adverse impacts of climate change on Zambia and other countries, including the destruction of one million hectares of maize crops and the resulting need for humanitarian support for 7.5 million people.
She also revealed ZANACO’s efforts in environmental conservation, having planted over 500,000 trees out of the targeted one million trees across the country.
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