ZAMBIA OPPOSES LOAN-BASED CLIMATE FINANCING

COMMERCIALISING climate financing will affect adaptation efforts by Zambia and other developing countries in view of the climate change crisis, Chief Climate Officer in the Ministry of Lands Carol Mwape Zulu has said.

Climate financing is a crucial topic at the ongoing United Nations climate talks as it is the core aspect for the implementation of the Paris Agreement on climate change. The mid-year session on climate talks is being held from 21 to 27 June, 2019, in Bonn, Germany. According to the Paris Agreement on climate change, developed countries have an obligation to provide financial and technical support to developing countries for climate mitigation and adaptation efforts. But with frequent and intense droughts being experienced in Zambia and affecting the energy and food production among other economic factors, the need for financial and technical support to adapt to these changes is crucial. Ms Mwape who is delegation leader for Zambia at the climate talks, says the idea of commercialising climate finance is counter-productive to the Paris-Agreement which is based on common but differentiated responsibilities of parties. “So there are these financial aspects that we have been discussing and the assurance that we a want as Zambia and for the larger population of developing countering is that the financing will be in form of grants and not loans,” She said. Ms Mwape says the tendency to increase funding towards loans is bringing about an imbalance among developing countries whose adaptation needs are greater despite them not having enough resources. “Economic capacities for developing countries are different and most of them cannot bear the loans so climate financing should not be loan- based but grant,” Ms Mwape said. She said there was need to increase funding towards adaption efforts regarding climate change programmes, and give provision for grants to developing countries and not loans. Ms Mwape has made it clear that the Zambian delegation was opposed to maneuvers to commercialise climate finance.