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Zambia has increased electricity imports from neighboring countries to alleviate the impact of severe blackouts caused by an El Niño-induced drought affecting hydropower production. Zesco Ltd., the state utility, received emergency tariff hikes to finance these imports, with a review of the tariffs scheduled in three months.
Zambia's annual inflation rate reached 15.7% in October, the highest since December 2021, driven by a severe drought that has led to rising prices for meat, corn, and cereals. This marks an increase from 15.6% in September, highlighting ongoing economic pressures in the country.
Global growth in renewable energy projects in Africa remains stagnant, with only one project approved by the Green Climate Fund since 2021, despite significant health and environmental benefits. The chronic underfunding of the GCF, alongside persistent fossil fuel subsidies, hampers progress, while private sector solar developers face significant financial hurdles. As health impacts from climate change intensify, the need for urgent action and innovative research linking climate and health outcomes becomes increasingly critical.
Zambia is exploring a debt-for-nature swap to alleviate its overseas debt obligations, according to Finance Minister Situmbeko Musokotwane. This approach aims to refinance government debt while directing savings towards environmentally sustainable projects, following a recent restructuring of $3 billion in eurobonds. Musokotwane indicated that the government is closely considering this option but has not yet finalized a plan.
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18:58 23.10.2024
Zambia explores debt-for-nature swap to support environmental projects
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