Staff Writer
UN Resident and Humanitarian Coordinator Mr Edward Kallon says obstacles such as lack of local financing instruments, currency convertibility issues, and gender disparities in energy access continue to impede progress.
In his remarks on Zimbabwe Joint SDGs Fund Programme at the Renewable Energy Conference, Mr Kallon said Zimbabwe was currently facing energy shortages.
“This energy deficit has led to production losses in key economic sectors such as agriculture, mining, and tourism. Rural areas, as well as women and youth, bear a disproportionate impact from this energy shortage.
“Despite the government’s efforts, challenges such as inadequate financing for renewable energy projects persist in Zimbabwe,” Mr Kallon said.
The National Renewable Energy Policy aims to significantly increase renewable energy capacity by 2030.
“An enabling environment has been created to promote renewable energy, including measures such as electricity sector deregulation, favorable licensing regimes, and incentives for renewable energy projects.
“However, obstacles such as lack of local financing instruments, currency convertibility issues, and gender disparities in energy access continue to impede progress.”
He said the UN in Zimbabwe has been actively supporting the government in addressing these challenges by promoting renewable energy adoption and enhancing climate resilience.
The Zimbabwe Joint SDG Fund Programme, a partnership involving the government, private sector, and UN agencies (UNESCO, UNDP, UNCDF and UN Women with an oversight from my office), aims to leverage investments in renewable energy for achieving the SDGs.
Through the Renewable Energy Fund managed by Old Mutual, the programme seeks to finance projects that offer both a financial return and social impact.
He said the establishment of the Renewable Energy Fund, with an initial seed capital of US$ 10 million from the UN Global SDGs Fund, was a significant milestone.
Its focus on blended finance and incubation support sets it apart from other initiatives in the country.
This programme aligns with national objectives such as economic development, energy access, climate change mitigation, and gender equality, with the aim of leveraging an additional US$30 to US$40 million in private investment.
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