Debra Matabvu in ANTALYA, Türkiye
VICE PRESIDENT Constantino Chiwenga has called for increased international investment in energy infrastructure through innovative financing mechanisms that reduce investment risks, unlock private capital and accelerate access to reliable energy to drive industrialisation and economic development.
Speaking at a high-level meeting during the Leaders’ Summit on the sidelines of the ongoing 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31) here yesterday, VP Chiwenga said Zimbabwe was seeking partnerships to reduce the risks associated with investing in electricity projects and attract more funding.
He said this could be achieved through financial guarantees, affordable loans and support for the construction of electricity transmission lines.
The Vice President also called for the establishment of a Global Electrification Investment Facility to help protect investors against potential losses, making it easier to attract funding from pension funds and sovereign wealth funds to expand electricity access.
“We therefore seek partnership in shifting focus from project finance to system de-risking through
guarantee instruments, concessional capital from transmission and viability gap funding,” he said.
“Excellencies, distinguished delegates, Zimbabwe proposes the following for the 35 by 35 pledge. First, under COP 31, we call for a global electrification investment facility that provides first loss guarantees for Mission 300 compacts, unlocking pension and sovereign wealth capital at scale.”
VP Chiwenga also invited development partners to support the financing of Zimbabwe’s Nationally Determined Contributions (NDCs) through measurable electricity connections.
He also called for regional cooperation, harmonised licensing frameworks and cross-border electricity trade through power markets such as the Southern African Power Pool (SAPP).
“Second, our third-generation National Determined Contributions (NDC) commits that by 2035 we would have achieved 2,160 MW solar and 4,100 MW biogas and 300 MW wind combined,” he added.
“We invite partners to finance our NDC through measurable connections. Third, the 35 by 35 goal requires regional cooperation through regional markets, such as the Southern Africa Power Pool in our case, with harmonised licensing and cross-border power trade.”
VP Chiwenga also highlighted the progress made by Government towards expanding electricity access, increasing power generation and boosting the contribution of renewable energy to the national energy mix as the country pushes towards universal energy access.
VP Chiwenga said the country was targeting increased electricity access over the next few years increasing renewable energy capacity from 1 282MW in 2024 to 2 640MW by 2030.
He said to support these goals in the sector, the governmentlising the electricity market to allow independent power producers access to the national grid, introducing tax incentives and removing import duties on energy equipment.
“Our targets include the ratification of 3.1 million households from 41 percent access in 2024 to universal access by 2030,” he said.
“Expansion of installed capacity to 5,432 megawatts by 2030 from about 1,500 megawatts peaks of current supply. Growing renewable capacity to 2,640 megawatts from 1,282 megawatts in 2024.
“Raising renewables from 8 percent to 30 percent of the total energy mix. Achieving 70 percent access to clean cooking up from the current 38 percent and delivering 520,000 new connections annually.
“Excellencies, for all this to happen, we are reforming the market through liberalisation and third-party access to the national grid, fiscal incentives and zero-rated import duty on energy equipment, and innovating for the last mile.”
VP Chiwenga also spoke about the Presidential Rural Solarisation Scheme, which targets one million households and said progress remains constrained by electricity sector debt, below-cost tariffs, high financing costs and growing energy demand amid climate-related challenges.
COP31 brings together world leaders, climate negotiators and other stakeholders from countries that are parties to the United Nations Framework Convention on Climate Change to advance international cooperation and strengthen global responses to climate change.
The annual conference also provides a platform for engagement among business leaders, young people, climate scientists, Indigenous Peoples and civil society organisations on strategies to address the growing climate crisis.
