The 56th Conference of Ministers of Finance, Planning and Economic Development (COM2024) closed in Victoria Falls, Zimbabwe with a consensus that African countries should speak with one voice, advocate for the reform of the global financial architecture for it to be fit for purpose and serve Africa’s development priorities.
While a number of events were held during the conference, The Ministry of Finance and Investment Promotion held a side event on Sustainable Green Financing Mechanisms in Africa. The side event was facilitated by the Director Climate Change Management Mr. W. Zhakata while Chief Director for Climate and Meteorological Services Mrs. V. Jakarasi, Dr Thangta from AGRA, Dr Dube from the Infrastructure Development Bank of Zimbabwe, Mr Laryea-Adjei from UNICEF and Mr Mofor from the Economic Commission for Africa were among the panelists.
The event sought to surface the ongoing national and regional programmes aimed at galvanizing green finance for enhanced economic development, areas for potential regional collaboration and challenges hindering sustainable green financing at the national and regional levels and possible solutions.
Mrs Jakarasi highlighted the urgent need enhance attractivess of green financing through developing quality policy and regulatory frameworks, enhancement of tracking domestic resources for climate finance mobilization and co-financing, strengthening project preparation and structuring risk mitigation tools to derisk green projects and make them bankable. Dr Dube highlighted the that the Bank had modelled and establishment climate Finance Facilities.
Dr Thangata emphasized on the importance of data to develop quality projects and Mr Laryea-Adjei reflected on the importance of green jobs and skilling the youth including generating quality school curricular for children. Mr Mofor concluded the discussion by emphasizing on the requirements and conditions required to unlock green financing and structure green bonds to support sustainable projects towards low carbon development. The Minister of Finance Hon. M. Ncube keenly followed the discussion and expressed in interest in learning on how to effectively structure Renewable energy bonds.
