Government calls for partnership with banking sector

Minister of Green Economy and Environment, Gilbert Siame has called on the banking sector to partner with the government in attracting climate financing as Zambia transitions into a green economy. Dr Siame noted that when it comes to accessing financing the banking sector has…

Minister of Green Economy and Environment, Gilbert Siame has called on the banking sector to partner with the government in attracting climate financing as Zambia transitions into a green economy.

Dr Siame noted that when it comes to accessing financing the banking sector has expertise that the government may lack, making its participation crucial.

Speaking during an engagement with Absa Bank Zambia, Dr Siame said the call on banks to expand climate-related financing is aligned with the country’s robust agenda on environmental sustainability for economic growth.

He assured the banking sector and other stakeholders that the ministry will prioritise policies that balance ecological integrity with economic growth, while making it easier for businesses to operate responsibly.

“We have no shame in saying we are going to do our work in this new term with the private sector being a core driver, and the banking sector is going to be very key,” he said.

Dr Siame further noted that the government is prepared to convene stakeholders and consider submissions on tax regimes, green funds, and carbon taxes to strengthen climate financing.

The Minister also acknowledged Absa’s support in financing Zambia’s participation at past COP summits, and welcomed continued collaboration in showcasing the country’s climate agenda.

He said future participation should not only present Zambia’s achievements but also attract investment and close deals.

And Absa Bank Zambia Managing Director, Mizinga Melu disclosed that the bank has invested 250 000 Kwacha in seedlings to help reforestation efforts countrywide.

Ms Melu stated that ABSA has also partnered with ZAFFICO to plant one million trees with 50,000 seedlings already distributed and 5,000 trees planted in Namwala district.

She added that schools have also been engaged in tree-planting campaigns, with winners rewarded through solar installations and classroom furniture.

Ms Melu further indicated that ABSA has collaborated with Worldwide Fund for Nature (WWF) to combat deforestation linked to charcoal burning.

 “We take the area of climate change and sustainability very seriously, and it is very much part of our agenda,” she said.