Zambia News

Zambia receives $3 million from Germany to Prepare for carbon trading

Zambia has received €3 million from the German government for technical support and capacity building so that it will be better equipped to engage in carbon transactions that result in substantial mitigation outcomes as well as co-benefits for sustainable development.

The $3 million comes from a German cooperation initiative called “Supporting Preparation for Article 6 Cooperation (SPARC6C),” which aims to aid Zambia in its efforts to promote global climate protection.

At today’s SPARC6C launch in Lusaka, Germany’s ambassador to Zambia, Anne Wagner-Mitchell, stated that the program will aid in the realization of government and, more importantly, private sector investment initiatives in national climate projects.

Projects supported by the SPARC6C, according to Ambassador Wagner-Mitchell, can support a number of other Sustainable Development Goals in addition to climate protection.

She stated that new renewable energy projects, which can assist to improve and stabilize the energy supply, are among the projects anticipated to benefit from SPARC6C. This, in turn, has beneficial implications on economic growth and the development of jobs and employment.

“Projects in the waste sector, which reduce greenhouse gas emissions, also make an important contribution to the sustainable development of cities and municipalities and to responsible consumption and production. A circular economy which reuses materials and which reduces waste that pollutes water resources and soil, has positive impacts on the health and well-being of the population, ” Ambassador Wagner-Mitchell said.

Collins Nzovu, minister of green economy and environment, added that the main goal of SPARC6C is to support all necessary activities that help establish Article 6 transactions and the creation of up to three ambitious projects or programs for reducing greenhouse gas emissions by 2027.

In order for us to gauge success, Mr. Nzovu stated that the SPARC6C project’s top aim is to assist Zambia in creating a national registry for all Article 6 projects and transactions.

“Additionally, the programme will support Zambia in establishing the necessary policy and regulatory framework for accessing the global carbon market, and in developing and implementing carbon financed programs and projects over a period of five years,” he said

According to Mr. Nzovu, SPARC6C offers Zambia a special chance to lead the world in gaining access to a new global financing mechanism provided by the Paris Agreement supporting preparedness for Article 6 cooperation, which permits investments in activities for reducing climate change and preparing for it, both by the public and private sectors.

“Most importantly however, such carbon financed programmes and projects will not only support the country in achieving its ndc and in increasing its ambition, they will also contribute to the achievement of Zambia’s Sustainable Development agenda, allow for technology transfer, protect the environment whilest fostering economic growth, create new job opportunities and improve the livelihoods of Zambia’s population, especially in rural areas,” he said

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