On Tuesday, a government official said that Zambia requires about 34.7 billion U.S. dollars for the implementation of its climate change adaptation plan.
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Minister of Green Economy and Environment Collins Nzovu said the government has finalized the preparation of the national adaptation plan which provides a roadmap for building the country's climate resilience in all sectors in 2023 but that implementation requires financing.
He said the government recently launched the green growth strategy which will foster sustainable economic growth and development to ensure that natural assets continue to provide the resources and environmental services.
"While we will continue to engage our cooperating partners for support in addressing climate change as part of our multilateral process, it is critical that the private sector, including financial institutions take up their rightful place," he said during a climate finance symposium organized by the Zambia National Commercial Bank Plc (ZANACO).
The symposium has brought together developers, sponsors, investors, regulators, government agencies and experts in climate action to identify Zambia's bottlenecks in securing climate finance and explore ideas on how to accelerate the financing of the country's mitigation and adaptation efforts.
The minister said the devastating effects of climate change in Africa were increasing, while the loss and damage caused by the climate crisis threatened the continent's economic growth, with Africa's adaptation costs expected to soar by 2030.
This calls for concerted efforts in addressing the costs and financing gaps to secure finance for the green transition, he said, adding that Zambia, like many other African nations, was in dire need of climate financing.
He said securing the much-needed finance would go a long way in reversing the impact that has taken a toll.
Mukwandi Chibesakunda, the ZANACO chief executive officer, said the negative impact of climate change not only in Zambia but also in other parts of Africa was significant enough for stakeholders to take bold steps in addressing climate change.
She said the bank was committed to being socially inclusive, environmentally accountable and aspiring to help its clients with their sustainability transition.