• WLCA have offered themselves to provide linkages for women entrepreneurs and innovators.
• The United Kingdom, through Women Leaders for Climate Action is pleased to play its part to build the capacity of market players.
• Zambia requires about $50 billion in climate finance to meet her enhanced NDCs.
Women Leaders for Climate Action (WLCA) say in view of the need for Zambia to mobilize $50 billion to fund its National Determined Contributions (NDCs), it is crucial that key players explore a range of financial instruments required to fund climate action in Zambia.
Speaking during a two day round table event on Green and Gender Bonds with potential green and gender issuers and arrangers in Lusaka, WLCA Co-Chairperson Nachilala Nkombo said the organization understands challenges that exist in accessing climate finance for developing countries indicating that the challenges are especially worse for women led innovations.
Ms. Nkombo who is also World Wide Fund for Nature (WWF) Zambia Country Director indicated this is the reason WLCA have offered themselves to provide linkages for women entrepreneurs and innovators to local and global climate financing opportunities so as to close the financing gap.
She further revealed that as WLCA’s implementing partner, FSD Africa will be working with Zambian capital market stakeholders to identify potential issuers of demonstration green and gender bonds and lend its support.
“It is worth noting that WLCA’s objectives contribute to the economic transformation and environmental sustainability pillars of our 8 NDP by strengthening citizen participation in the economy as well as enhancing their mitigation and adaptive capacity to climate change for sustainable inclusive growth” Ms. Nkombo said.
Further Head of Economic Development and Green Growth, British High Commission, Lusaka and WLCA Co-Chairperson Sarah Bloom stated that the United Kingdom, through Women Leaders for Climate Action is pleased to play its part to build the capacity of market players and to introduce new and innovative products to Zambia, such as green and gender bonds.
“The Government of Zambia has identified green growth and environmental sustainability as a key strategic pillar to achieve the aspirations of the 8th National Development Plan (8NDP) and Vision 2030.” She said.
“The UK, through Women Leaders for Climate Action is pleased to play our part to build the capacity of market players and to introduce new and innovative products to Zambia, such as green and gender bonds as alternative funding sources to drive climate resilient sustainable development.” She added.
FSD Africa’s Director Capital Markets Evans Osano indicated that Zambia requires about $50 billion in climate finance to meet her enhanced NDCs revealing that FSD Africa is delighted to support the development of capital markets in Zambia to provide much-needed long-term capital through diversified and innovative investment asset classes.
According to Dr. Osano, “By leveraging on her capital markets, Zambia is on the right track to enable the economy to realize its full potential and achieve impactful real and social sector outcomes.”
According to WLCA, FSD Africa has provided technical assistance towards the development of green and gender bond transactions across Africa, mobilizing over $400 million in the process. This entailed development and review of guidelines and listing rules in Kenya, Morocco, Ghana, Nigeria and Tanzania that have laid a solid foundation for green and gender bond issuances and subsequent listing on local exchanges.
Through various demonstration transactions across the continent, FSD Africa plans to work closely with bond issuers to meet the $277 billion annual climate financing gap in Africa.
The Women Leaders for Climate Action (WLCA) hosted a two-day Roundtable Event on Green and Gender Bonds with potential green and gender issuers and arrangers in Lusaka, The event was expected to build stakeholder capacity on green and gender bonds requirements and needs.
The event was also expected to explore the climate financing needs in Zambia and potential adaptation projects, and facilitating deep dives into the steps needed to make green and gender bonds one as key capital market instruments that will help the country meet climate and gender equality outcomes from target investments.