Zimbabwe Highlights Climate Change Implications on Industrialization and Trade at ZITF Business Conference
Minister of Finance and Economic Development, Mthuli Ncube called for the urgent need for accelerating climate ambitions through the implementation of the National Determined Contribution (NDC) under the United Nations Framework Convention on Climate Change (UNFCCC).
Minister Ncube said this while presenting on climate change and its implications on industrialisation and trade during Business Conference at Zimbabwe International Trade Fair yesterday.
He stressed the pressing need to transition away from fossil fuel reliance and toward renewable energy sources, such as solar and wind power.
Climate Commitment
“Our country is committed to taking measures to mitigate the effects of climate change and contribute to the global mitigation goals set under the Paris Agreement,” stated Minister Ncube.
He aded, “We recognize that reducing greenhouse gas emissions and promoting sustainable development go hand in hand.”
Minister Ncube highlighted the immense potential of Zimbabwe’s renewable energy sector, particularly in solar and wind power. He noted that investing in clean energy could reduce the country’s reliance on fossil fuels, lower carbon emissions, and simultaneously drive economic development, job creation, and poverty reduction.
Renewable Opportunity
“The transition to renewable energy sources presents a significant opportunity for Zimbabwe to achieve cleaner, greener, and cheaper energy options, benefiting both our environment and our economy,” Minister Ncube explained.
The minister also stressed the importance of sustainable forest management in combating climate change. He highlighted the role of Zimbabwe’s forests, including the Congo Basin rainforest, as vital carbon sinks and potential players in carbon trading.
In addition, Minister Ncube acknowledged the current limited participation of African countries in the global carbon markets and emphasised the need for fairer pricing and broader access to carbon credits.
Equitable Trading
“Carbon trading presents an opportunity for Africa to play a significant role in the global carbon market. However, it is crucial that pricing is equitable and controlled by transparent institutions,” Minister Ncube emphasised.
Regarding climate change financing, Minister Ncube acknowledged the challenges faced by developing countries in accessing the necessary funds to address climate change impacts which includes Zimbabwe. He underscored the importance of climate finance in supporting renewable energy projects, climate-smart agriculture, and initiatives that enhance community resilience.
“Climate change financing can contribute to inclusive growth and sustainable development by supporting projects that benefit vulnerable communities and stimulate innovation,” Minister Ncube said.
Achieving Balance
He further said, “However, achieving a balance between environmental goals and economic development requires careful policy design and implementation.”
The minister highlighted Zimbabwe’s commitment to reducing greenhouse gas emissions by 33% by 2030 and outlined the government’s low-emission development strategy. He emphasised the need to attract private sector investments in renewable energy and create a conducive environment for sustainable industrial growth.
Sustainable Financing
Minister Ncube expressed optimism about the potential of sustainable financing to reshape Zimbabwe’s industrialization patterns toward more resilient and environmentally friendly models. He urged businesses to embrace green technologies and capitalise on the growing global demand for sustainable products and services.
Minister Ncube’s address at the ZITF Business Conference served as a clarion call for Zimbabwe and other developing countries to prioritise climate action, promote sustainable financing, and seize the economic opportunities presented by the transition to a low-carbon economy.
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