Zambia Eyes $1B Climate Finance Over Next Few Years

After an invitation from the Commonwealth to become a member of its steering committee on climate finance, Zambia on Saturday said it would work to greatly expand access to funds over the next few years.

The government said it would use the membership of the steering committee of the Commonwealth Climate Finance Access Hub (CCFAH) to work with 13 other countries and boost access to climate finance from the current $50 million to over $1 billion.

"Zambia will also be pushing to access at least $80 million from the already prepared proposals and $100 million through fresh proposals over the next few years," said John Msimuko, the permanent secretary for green economy and environment.

Speaking in Mauritius at the Commonwealth Climate Finance Access Hub (CCFAH) Steering Committee meeting, Msimuko said that at the 26th UN Climate Change Conference of Parties (COP26) in Glasgow, Scotland, Zambia expressed interest to champion the Commonwealth Call on Action on Living Lands. At the Mauritius meeting, Msimuko reaffirmed the Southern African nation's commitment to the initiative.

The CCFAH was established in 2016 to help small states and the least developed countries that are most vulnerable to the impacts of climate change unlock available climate finance.

The organization helps countries translate their climate targets into action by supporting the development of grant proposals and project pipelines, building human and institutional capacity, providing technical advisory services and facilitating cross-Commonwealth cooperation and sharing of experiences and expertise.

"CCFAH's provision of technical assistance to the government of Zambia from July 2020 has included the development of a project pipeline worth approximately $58 million," added Msimuko in a statement issued by his office in the capital Lusaka on Saturday.

Zambia and the Commonwealth will be holding a joint side event at the forthcoming COP27 in Cairo, Egypt, on "unlocking private sector finance to accelerate climate action in small and other vulnerable countries."

In 2023, Zambia is also expected to leverage the Commonwealth's support in developing its national nature-based solutions strategy. -