THE Infrastructure Development Bank of Zimbabwe (IDBZ) has convened a green investment roundtable in Victoria Falls, aimed at promoting private sector finance and investment opportunities in the green energy sector in the Southern African region.
BY NOKUTHABA DLAMINI
Permanent secretary in the Office of the President, Boniface Chidyausiku yesterday said climate change presented the greatest challenge to the livelihoods, security and well-being of people and must be prioritised in order to meet objectives of the Paris Agreement and Sustainable Development Goals.
The Paris Agreement is underpinned by 162 intended nationally determined contributions that detail 189 countries’ plans to reduce emissions and enhance their resilience to climate impacts.
Chidyausiku noted the green investment roundtable had came at the opportune time as it addressed challenges related to sustainable development.
He observed that financing climate change through investments that target reduction of greenhouse gases and over-exploitation of natural resources provides relevant, effective and accessible mechanisms and instruments to vulnerable nations.
“In line with that, climate change is one of the top priorities for our government as we are already feeling the impacts of climate change. Trends over the recent past seasons show increasing average temperatures and rainfall extremes, mainly droughts and flooding, at times influenced by El Nino, La Nina and tropical events which has resulted in cases of disaster in water, agriculture, health and physical infrastructure, among other sectors,” he said.
“While the current impacts of climate change require urgent adaptation interventions to build adaptive capacities and resilience as top priority, this will not be sufficient to halt the devastating effects of climate change. There is need for both mitigation and adaptation responses to climate change noting that enhanced mitigation actions will have a longer term positive impact on the global climate system.
“As it stands, no sector is immune to climate change. While agriculture businesses, industries, and communities are vulnerable to physical impacts such as drought and floods. The finance sector, the engine of our economy, is particularly important in addressing the challenges ahead. In all sectors, capital allocated today determines the future of the national economy. It is, therefore, critical that finances flow in the right direction and the speed and scale required to address climate action and sustainable development.”
The roundtable presents an opportunity to share ideas and experiences in green investment finance in Southern Africa and stimulate other financial institutions to engage in a transition towards a green economy.
Participants recognised that innovative instruments such as green debt, bonds and de-risking financial instruments can play a major role in the mobilisation of financial resources.
The meeting, which attracted over 35 participants including the Environment, Water and Climate ministry, United Nations Climate Change secretariat, Konrad Adanaeur Stiftung and the French embassy in Zimbabwe, was aimed at bringing together expertise in green debt, asset management and private sector development to explore the possibility of steering the domestic capital market towards low-carbon climate resilient development.