eBusiness Weekly
Business Writer
The Ministry and Energy and Power Development has set a national target of an installed renewable energy capacity of 26, 5 percent by 2030 as provided in the Renewable Energy (RE) Policy of 2019 in pursuit of a low carbon footprint economy, Permanent Secretary, Dr Gloria Magombo has said.
This is in line with the revised National Determined Contributions (NDC) target for Zimbabwe of reducing greenhouse gas emissions by 40 percent by 2030.
According to Magombo, the country should consider moving away from fossil fuel production and embracing renewable energy to achieve climate change mitigation goals.
In her acceptance letter to the Financing climate change, adaptation investment conference invitation extended to her by the Business Weekly and the Financial Markets Indaba, Magombo indicated that her portfolio was crafting mechanisms that would promote alternative power solutions away from the traditional energy sources that are known for high carbon discharge.
She pointed out that the energy sector is critical in driving all sectors of the economy, and had come up with critical incentives to encourage the participation of Independent Power Producers (IPPs) in renewable energy generation.
“May I point out that while in adjusting to climate change, the ministry is committed to promoting the development of climate-resilient infrastructures such as transmission and distribution lines, the energy sector is more of mitigation than adaptation with renewable technologies, alternative solutions and efficiency central in low carbon development pathways.
“In pursuit of climate change mitigation goals, green growth and development and sustainable production and consumption, it is imperative that the development of the energy sector being demand-driven, should move away from fossil fuel production and embrace renewable energy for a low carbon footprint economy,” said Magombo.
She said energy-efficient technologies promote energy savings for both the industrial and domestic sectors, consequently massive efforts are being established to tap into solar power potential.
“The ministry acknowledges the important role of IPPs and private sector investments have in the development of the energy sector and has set some incentives including the RE policy, national project status, prescribed asset status, tax and rebates,” she said.
Zimbabwe is weighing immediate ways to come up with alternative power sources following global calls to digress from coal-fueled power plants under the “no new coal agenda”.
A number of IPPs have shown interest in partnering power utility companies with intentions to take more households off the main grid, which translates to more energy allocation towards industry and other productive sectors.
The country finds itself in a catch 22 as one of its fore funders in coal power plant projects (China) has since heeded the call for “no new coal agenda” thus halting its financing schemes particularly to the resource-rich Southern Africa.
According to Climate trade, Zimbabwe is ranked number 100 on the carbon emissions list in the world contributing 0, 03 percent of the world’s share, while 10 countries produce most of the emissions measured in millions of tons of carbon dioxide in 2019.
The efforts to promote renewable energy are motivated by the Sustainable Development Goal 13 (SDG 13) which calls for urgent action to combat climate change and its impacts.
