Climate change adaptation and mitigation is among the key areas of focus for the 2022 budget to improve environmental sustainability. This is in line with Government’s emphasis on ‘greening’ the economy, and entails that all environmental activities that are scheduled for 2022 should be executed in a manner that is climate-friendly.
The budget allocates just under K972 million to this sector, an increase of approximately 1.7% from the 2021 budget. The 2022 budget proposes reviewing the fee structure of environmental impact assessments in a manner that gives Government proper control of the process but also does not discourage investors from pursuing various development projects.
Government seeks to improve climate change financing in order to manage Zambia’s climate risks. This will be done through Green Bonds, Carbon Trading and Legislation for a Climate Change Fund.
Furthermore, the private sector needs to be encouraged to participate in climate change financing ventures. Some of the primary strategies that can be used to achieve this include; increasing the awareness on the negative impacts of climate change and the need for a response to it, utilising of public-private partnerships in national climate change efforts and, lastly, engage the private sector to develop products and services that will reduce the costs and impacts of climate change.