• Engaging the private sector is essential in climate change financing.
• Private-sector corporations are also key to developing climate innovations
• Zambia has continued to mobilize both public and private climate finance flows.

Policy Monitoring and Research Centre (PMRC) has called for private sector engagement in Climate Change financing.
Organization Executive Director Bernadette Zulu told Money FM News that Private sector engagement can lead to mobilization of financial resources and technical capabilities that leverage Government, civil society and community efforts thereby developing innovative climate services and adaptation technologies.
Mrs. Zulu noted that the private sector has in the past played a pivotal role in promoting economic development through project financing in agro and mineral processing, fishing and textile industry as well as in job creation.
“Private entities dominate many investments that are critical to adaptation, such as the location and design of buildings and other infrastructural investments. Private-sector corporations are also key to developing climate innovations and often dominate the design and delivery of many adaptation services such as weather observation technology and early warning systems,” Mrs. Zulu said.
She stressed the need for government to facilitate private sector efforts through provision of climate change and weather variability information, adoption of regulations and appropriate economic incentives with the help of public-private partnerships.
“Climate change financing is an important tool in managing climate risks and shocks in Zambia which can only be achieved through resource mobilization. As part of its climate change adaptation and mitigation efforts, Zambia with the help of cooperating partners has continued to mobilize both public and private climate finance flows for mitigation, adaptation and building resilience,” she added.