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Zambia has signed bilateral agreements with Norway and Sweden at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, strengthening its engagement in international carbon markets under Article 6 of the Paris Agreement.
The agreements were signed on Monday by Norwegian Minister of Climate and Environment Tore Onshuus Sandvik and Zambian Minister of Green Economy and Environment Mike Mposha.
Zambia also formalised its collaboration with the Swedish Energy Agency through an agreement signed by Permanent Secretary Dr. Douty Chibamba.
Article 6 of the Paris Agreement establishes global carbon market mechanisms, enabling countries to reduce greenhouse gas emissions while advancing sustainable development.
Minister Mposha described the agreements as a culmination of extensive preparations and a milestone in Zambia’s climate action strategy.
“Our government is serious about participating in international carbon markets as an avenue to achieve our nationally determined contributions, generate new carbon finance revenue streams, increase mitigation ambition, and foster sustainable development,” Mposha stated.
He expressed gratitude to Norway and Sweden for their commitment to climate action and emphasized the agreements’ potential to unlock opportunities for public and private energy projects in Zambia, particularly in renewable energy.
“Zambia faces an energy deficit due to growing electricity demand, limited investments, and reliance on hydropower, which has been severely impacted by drought,” Mposha said.
He added that the government was exploring renewable energy and efficiency solutions to address the shortfall.
Norwegian Minister, Tore Onshuus Sandvik, highlighted the significance of the collaboration.
“Today, our countries are taking a major leap forward, paving the way for green investments in Zambia and contributing to global mitigation ambitions,” Sandvik said.
The agreement with Sweden builds on a Memorandum of Understanding (MoU) signed in August 2024 in Lusaka. Swedish Energy Agency officials noted the partnership’s role in advancing Zambia’s energy transition while meeting international climate targets.
These developments mark a significant step in Zambia’s efforts to leverage carbon markets for financing sustainable energy projects and enhancing its resilience to climate challenges.
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