Zimbabwean climate advocates call for urgent action on green project financing

AS the world approaches a critical juncture in the fight against climate change, the Zimbabwe Climate Change Coalition and Climate Action Network Zimbabwe have joined a global civil society sign-on letter urging ministers to prioritise the New Collective Quantified Goal (NCQG) on climate finance.

This initiative comes ahead of the 29th Conference of Parties (COP29) scheduled for Baku, Azerbaijan from 11 to 22 November, emphasising the urgent need for financial support to combat climate impacts in developing countries.

With only a few years left before 2030, the stakes on mitigating climate change impacts are higher as countries seek to achieve the Paris Agreement’s goal to limit global warming to 1.5°C.

This is, however, hampered by inadequate responses to the impending crisis, which could result in catastrophic consequences to millions of people across the globe.

Preliminary studies already suggest that across 144 developing nations, debt servicing absorbs an alarming 41.5 percent of budget revenues. This leaves little room for climate action or achieving other sustainable development goals, experts say.

In Zimbabwe, climate change advocates have stressed the need to harness substantial international financial support to oil-effective climate action.

The sign-on letter, thus, calls for a robust NCQG that sets a target of at least $1 trillion per year in public finance, specifically in grants and grant-equivalent terms.

The funding is crucial for three thematic sub-goals: mitigation, adaptation, and loss and damage. The letter specifies key result areas;

1. Mitigation: A minimum of $300 billion annually in grant-equivalent terms to support Paris-aligned mitigation efforts, addressing the estimated needs of $1-2 trillion per year.

2. Adaptation: A similar commitment of $300 billion annually for adaptation financing, which is crucial given that adaptation costs in developing nations are projected to reach between $215-$387 billion annually.

3. Loss and Damage: A target of at least $400 billion per year in grant-based finance to address the severe losses and damages faced by developing countries, which are estimated to range from $290-$580 billion annually.

These figures represent a modest but essential demand in light of the vast climate financing needs identified by various studies.

Anything less would be considered a failure to meet the commitments outlined in the Paris Agreement and a disregard for the rights and needs of those affected by climate change.

Mr Sherpard Zvigadza, coordinator at the Southern Africa Region Climate Action Network (SARCAN), emphasised the significance of this financial goal for Southern Africa, “The new climate finance goal is critical for scaling up the region’s transition to a low-carbon economy and enabling vulnerable communities to adapt to climate impacts,” he said.

“The US$1 trillion demand must ensure quality finance in the form of grants, not loans, to support the urgent needs of frontline communities.”

Mr Zvigadza estimated that approximately 74 million people in the region, who have been disproportionately affected by climate-induced disasters, could benefit from these funds.

The organisations also stress the importance of not only quantitative targets but also the quality of finance. The NCQG must include principles that ensure accessibility, responsiveness to marginalised groups, and a human rights-based approach.

Furthermore, commitments to timeframes for regular revisions and transparency in climate finance allocations are essential for accountability.

Principal climate change scientist in the Ministry of Environment, Climate, and Wildlife, Mr Tirivanhu Muhwati is on record alluding to the ministry’s plan to, “come up with the National Climate Fund” so as to attract and incentivise both domestic and international investors in this sector.

As discussions continue in the lead-up to COP29, the Zimbabwe Climate Change Coalition and Climate Action Network Zimbabwe are calling on ministers to heed these urgent demands.

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