THE United Nations (UN) systme in Zimbabwe comprising of various UN agencies, has launched a UN SDG- Fund Initiative to catalyze Investment into Renewable Energy for the Acceleration of the Attainment of the Sustainable Development Goals in Zimbabwe.
By Michael Gwarisa
The project proposal has been jointly developed by the Government of Zimbabwe, the UN system in Zimbabwe (namely UNESCO as lead, UNWOMEN, UNDP and UNCDF).
Speaking at the launch in Harare, His Excellency Edward Kallon, UN Zimbabwe Resident and Humanitarian Coordinator said the fure needs sustainable renewbale eneergy projects.
This launch could not come at a better time. As we face energy challenges, creating the enabling environment for investment in renewable Energy will be key for the success of our green agenda. Zimbabwe, like any other country globally, is facing energy shortages, affecting the country’s productivity and general activities.
“The current energy challenges, coupled with climate challenges call for one unified solution – a rapid and extensive adoption of Renewable Energy technologies in the country. In response to such a crisis, the United Nations SDG Fund sent out a call globally for the UN Country Teams to come together and figure out ways to assist Member States in solving this challenge among many others,” said Mr Kallon.
He added that the overall aim of the Joint Programme is to leverage private investments in order to support Renewable Energy (RE) projects for the achievement of the Sustainable Development Goals (SDGs) in Zimbabwe, namely Goals 4, 5, 7, 8, 9, 13 and 17, and harnessing the cross-cutting nature of these goals to achieve the rest of the SDGs.
“It will also contribute to NDS1 and the Zimbabwe UN Cooperation Framework commitments of economic development, energy access, climate action, women and youth empowerment, and capacity development in Renewable Energy for productive uses.”
The planned intervention centres on the establishment of an innovative inclusive and gender responsive Renewable Energy Fund (REF) that will leverage private sector investment in the Renewable Energy space. The Joint Programme will establish a full-scale demonstration of concept that will have a significant transformational effect through technical assistance, unlocking private sector funding and business models to support and deepen the Renewable Energy value chain.
“It will positively benefit targeted communities and demonstrate the cross-cutting developmental nature of RE through the creation of local green economies, with new entrepreneurship opportunities, incomes, and job creation. As such, the Joint Programme has an enormous potential to substantially advance the country’s attainment of its SDG goals, particularly in empowering rural off-grid communities in Zimbabwe, who are the most left behind.
“The Renewable Energy Fund being established will be the first of its kind in Zimbabwe. The Fund is expected to unlock over USD 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 Renewable Energy financing put in place, we want to have an ecosystem that gives entrepreneurs including women-owned SMEs every opportunity to invest in Renewable Energy value chain” said Mr Kallon.
From the UN SDG fund, the UN has made USD 10 million available; Old Mutual Investment Group is committing USD10 Million while the Government through the Infrastructure Development Bank of Zimbabwe (IDBZ) is committing USD ONE 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 $45Milliom. The REF will be funding small- and medium-size companies for the deployment of projects with both commercial returns and positive impacts in the communities in the RE value chain. The UN will be partnering with capacity building institutions to capacitate financial literacy and technical skills of potential youth and women to access funds for the deployment of RE-related solutions.
“The UN SDG-Fund Joint Project that is being launching today, and the REF being established will support scaling up of Renewable Energy and its value chain in the country and beyond. We have come a long way, let me seize this opportunity to appreciate the Government of Zimbabwe, Old Mutual and other partners who have been with us, for making this possible. With this launch of the Zimbabwe SDG-F Joint Programme, we will demonstrate the catalytic nature of Renewable Energy.”
