‘Sustainable green financing to boost developing countries’

SUSTAINABLE green financing is an important component of green industrialisation that presents an opportunity for developing countries to leapfrog to higher levels of development through moving to low-carbon and resource-efficient economies, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has said.

He said this in an article published by CNBC Africa yesterday.

His remarks come as Zimbabwe prepares to host the 56th Session of the EconomicCommissionforAfrica(ECA)Conference of African Ministers of Finance,

Planning and Economic Development in VictoriaFallsfromFebruary28toMarch5.

President Mnangagwa is expected to officially open the conference, which will run under the theme: “Financing the transition to inclusive green economies in Africa: Imperative, opportunities and policy options”.

The theme is seen as aptly capturing the challenges facing the continent in terms of accessing adequate and timely resources to finance the transition towards the green economy and the negative impacts on economies arising from climate change, pandemics, growing debt levels and conflicts, among others.

The impact of climate change is largely felt in countries that don’t pollute the environment the most such as Zimbabwe and other developing countries.

Africa’s carbon footprint is considerably small compared to other regions, with the 2020 continental greenhouse gas emissions standing at about 1,5 billion tonnes of carbon dioxide (CO2) equivalent, representing about 3 percent of global emissions.

Prof Ncube said by evolving to low-carbon economies, there will be a growing demand for green technologies and services, thus developing countries stand to benefit from this transition by developing new industries and creating new jobs. ◆ Full story: www.herald.co.zw