ABSA Bank has partnered with Forestry Department in the Ministry of Green Economy and Environment and the Zambia Forestry and Forest Industries Corporation (ZAFFICO) PLC to promote tree planting and address the impacts of climate change in Zambia.
During a media event to announce Absa Bank partnership between ZAFFICO and the Forestry Department in the Ministry of Green Economy and Environment, Minister of Green Economy and Environment Hon. Eng. Collins Nzovu MP said he was pleased to witness this partnership between Absa Bank and ZAFFICO towards provision of seedlings to promote tree planting in the country and between the bank and Forestry Department who shall work together, each according to the means to contribute, to address the impacts of climate change in Zambia.
The Honourable Minister said the Ministry is appreciative to Absa Bank Group in aligning its business strategy by being consistent, measured and balanced in climate mitigation strategies that speak to the Sustainable Development Goals (SDGS), the Paris Climate Agreement, National Development Plans and regional legislative frameworks.
He said similarly, ZAFFICO Limited which has an objective of establishing and managing industrial exotic forest plantations and agroforestry products so as to meet demand and maximize return on investment, has entered into a mutual agreement with Absa Bank to buy seedlings from ZAFFICO Limited at a subsidized price.
Hon. Nzovu said he was confident that this initiative will translate into encouraging more individuals from communities to plant trees.He said he is positive that the participation of stakeholders and local communities in the tree planting will help to improve forest productivity and enhance livelihoods and environmental sustainability.
ZAFFICO Managing Director Mr. Mundia Mundia said ZAFFICO is Zambia’s largest exotic forestry company managing 62,187 hectares of pine and eucalyptus plantations spread across the five provinces that is, Copperbelt, Luapula, Muchinga, Northern and north-western.
Mr. Mundia said the corporation is implementing forest expansion plans in order to increase its plantations size by 50,000 hectares in the next five years.
“To achieve this, ZAFFICO is investing USD50 million into forest expansion as well as value addition activities in line with our strategic focus and business diversification drive. The corporation’s focus towards forest expansion is not only a business drive but also, a commitment to mitigating the effects of climate change in the country,” he said.
Mr. Mundia said for the 2023/24 planting season, ZAFFICO planted 5.9 million seedlings covering a total of 2,816 hectares in its plantations.
He said to promote tree planting by individuals, communities and organisations in the country, the corporation provided 175,000 pine and eucalyptus seedlings.
Meanwhile, Absa Managing Director Ms. Mizinga Melu said the bank has so far planted 10,000 trees but have reached a stage where they need to accelerate the project.
“And that is why we announce a 3-year partnership where Absa will purchase seedlings from ZAFFICO and the Forestry Department over 3 years.These tree seedlings will be planted by the partners who are experts in reforestation,” said Ms. Melu.
“For this rain season, Absa has purchased 62,500 seedlings worth K250,000 from ZAFFICO and 30,000 seedlings worth K150,000 from Forestry Department. The total number of trees to be planted this rain season is over 80,000 by the 2 institutions.”
Mizinga Melu, Managing Director of ABSA, emphasized the bank’s unwavering commitment to this initiative. She highlighted how the project initially took root through partnerships with the World Wide Fund for Nature (WWF) and the Catholic Relief Services (CRS) in the Chongwe and Mumbwa areas. Now, with the inclusion of ZAFFICO and the Forestry Department, ABSA aims for even greater environmental restoration.
She underscored the critical role of reforestation in combatting the adverse effects of climate change, stressing the importance of community involvement. Ms. Melu urged every Zambian to embrace the simple yet impactful act of planting a tree annually, emphasizing the positive impact it can have on the environment.
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Highly commendable. Other organizations should follow this example.