Sun, 27 Nov 2022

Zambia plans to establish climate financing vehicle

Xinhua
14 Nov 2022, 03:49 GMT+10

LUSAKA, Nov. 13 (Xinhua) -- Zambia plans to establish a robust national climate financing vehicle aimed at supporting the process of institutionalizing a climate resilient economy, a government official said on Saturday.

John Msimuko, the Ministry of Green Economy and Environment Permanent Secretary said the climate financing vehicle will be operated as a climate fund and would play a catalytic role to both public and private sectors in structuring innovative climate financing mechanisms.

"For us in Zambia, institutionalizing a climate resilient economy entails having, flexible and dynamic financing mechanisms which are capable of unlocking wide range financing from public and private as well as domestic and international sources," he said during a climate financing discussion on the sidelines of the 27th session of the Conference of Parties to the United Nations Convention on Climate Change.

According to him, the resources should be concessional and have long-term payment periods, among other features.

He said the country recently facilitated the accreditation of its second bank with the Green Climate Fund, according to a statement released by the ministry.

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