British High Commissioner to Zambia Nicholas Woolley says the progress made so far under the UK-Zambia Green Growth Compact agreement between two countries is impressive.
Mr. Woolley says the agreement which resulted from the commitments set out to address issues of climate change during the COP 26 Summit last year has set out ambitious targets.
A number of pipeline investments such as support towards small and medium size enterprises to grow their businesses, doubling trade and investments in renewables and the green economy are all aimed to enhance and boost economic ties between the two countries.
Speaking at the one year anniversary in Lusaka on Wednesday evening, the British Envoy added issues of climate change in clean energy, renewables and green growth among supporting a range of other investments.
He noted the commitment between the Leadership of the two countries who have continued their pledges and cooperation in green growth hence the celebrations.
“The celebration we are having today is due to the progress, which at the time did not picture the possibilities of such headway a few months later,” Mr. Wooley stated.
And Trade Commissioner for Africa John Humphrey says he wants to ensure the promotion of Zambia and UK companies to grow in investments.
Mr. Humphrey highlighted some of the achievements which include interests by several UK mining companies who have announced plans to invest in Zambia.
The Commissioner disclosed First Quantum Minerals’ desire to invest 1.25 Billion United States Dollars for the expansion of its Kansanshi Copper Mines and USD10 million for further investment in its Sentinel nickel extraction facilities.
Mr. Humphrey added that the UK’s focus has been on the energy sector reform, which is crucial for businesses to grow and uplift communities.
He disclosed that under the agreement, the UK investments in renewable energy have included a five million British Pounds in renewable energy buyer, supplier and trader, African GreenCo.
Additional renewable energy generation can be delivered whilst compensating ZESCO for use of African GreenCo’s infrastructure, he added.
“ Such private sector led innovations will play a critical role in catalyzing investment in new power generation while imposing far lower contingent obligations on national treasury compared with the single buyer model debt security structure, “Mr. Humphrey said.
Meanwhile, government says it appreciates the UK-Zambia Green Growth Compact, stating that it is the framework for strengthening the two county’s economic partnerships.
Minister of Energy Peter Kapala noted at the same event that Zambia leads the way in terms of private sector led renewable energy development in the Southern Africa power pool.
Mr. Kapala indicated the country’s plan requires the development of about four thousand megawatts of new grid connected renewable energy capacity over the next decade.“ An investment of approximately ten Billion United States Dollars in generation, transmission, distribution and access is needed to meet the needs of the growing economy, “ stated the minister.
The minister encouraged more renewable energy producers to choose Zambia as their base in the Southern Africa power pool.
He further called for increased ambitions as the agreement enters the second year of green growth, while assuring the country’s commitment in the successful implementation.