Zimbabwe launches landmark renewable energy fund


Solar panel field

from DANAI MWARUMBWA in Harare, Zimbabwe
Zimbabwe Bureau
HARARE, (CAJ News) – THE United Nations Sustainable Development Goals (UN SDG) Fund initiative is to unlock millions of dollars towards renewable energy projects in Zimbabwe.

It has been launched in Harare under the aegis of “Catalysing Investment into Renewable Energy for the Acceleration of the Attainment of the Sustainable Development Goals in Zimbabwe.”

The Renewable Energy (RE) Fund established will be the first of its kind in Zimbabwe.

The Fund is expected to unlock over US$ 30 million from the Zimbabwean financial markets, and regional and international development focus entities, the bulk of which would otherwise not typically be directed towards RE financing.

With the RE financing put in place, partners aspire to have an ecosystem that gives entrepreneurs including women-owned small and medium entreprises every opportunity to invest in RE value chain.

The UN SDG Fund has made $10 million available.

Old Mutual Investment Group is committing $10 million while the Government, through the Infrastructure Development Bank of Zimbabwe (IDBZ), is committing $1 million.

This will also help attract additional capital from the private sector and Old Mutual as Fund Manager is confident in mobilizing additional resources in order to close the Renewable Fund at $45 million.

“This launch could not come at a better time,” said Edward Kallon, UN Zimbabwe Resident and Humanitarian Coordinator.

“As we face energy challenges, creating the enabling environment for investment in renewable Energy will be key for the success of our green agenda.”

The project proposal has been jointly developed by the Government and the UN system in Zimbabwe.

Zimbabwe is facing energy shortages, affecting the country’s productivity and general activities. Climate challenges are exacerbating the issues.

– CAJ News


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