Zimbabwe-Zambia Energy Projects Summit Kicks Off

Victoria Falls, Zimbabwe, is hosting  the first-ever Zimbabwe-Zambia (Zim-Zam) Energy Projects Summit from today, November 18 to the 20th, 2024, an event poised to transform the energy landscape of both nations. Under the theme “Powering Zimbabwe and Zambia’s Sustainable Energy Future: Unlocking Opportunities in Renewables, Grid Modernization, and Energy Access,” the summit unites high-level representatives, including government officials, energy experts, private sector leaders, and international investors. The gathering aims to foster collaboration and attract investment in sustainable energy solutions, setting the stage for a brighter, more resilient energy future for Zimbabwe and Zambia.

The conference commenced with a panel discussion, moderated by Paul Van Aslet, focusing on blended finance and energy access solutions. Blended finance involves the strategic utilization of development funds and philanthropic contributions to attract private investment into emerging and frontier markets. “This approach leverages various sources of capital to create opportunities for impactful investments in these regions,” Paul Van Aalst explained.

Felister Makumbinde, the Acting Chief Executive Officer of the Rural Electrification Agency of Zimbabwe, emphasized the agency’s mandate to electrify all rural areas of Zimbabwe. However, she acknowledged that achieving this goal requires collaboration from the private sector and development agents. “The government cannot do it alone,” she stressed.

Richard Harrison, a representative of the Zambia Mini-Grid initiative, highlighted the Zambia Energy Demand Stimulation Incentive as a potential solution to enhance energy access in rural areas. The incentive aims to stimulate economic growth by increasing electricity consumption for productive uses such as agro-processing and irrigation facilities.

During discussions on financial solutions, various participants advocated for the adoption of subsidies within blended finance and energy access solutions. Mr. Harrison noted that subsidies could help lower the financial barrier for developers, making it more attractive for private investors to participate in these projects.

The panel discussion concluded with a consensus on the importance of collaboration and innovative financial mechanisms to drive sustainable energy development in both countries. The summit continues, with more updates to follow on subsequent sessions and key outcomes.

Meanwhile, the Vice President of Zimbabwe Constantino Chiwenga, is yet to officially open the Zimbabwe-Zambia (Zim-Zam) Energy Projects Summit. Several key ministers, including the Minister of Energy and Power Development and Honorable Richard Moyo, Minister of State for Provincial affairs and Devolution for Matebeleland Province are expected to grace the event.

Tafadzwa G Matsa