3 The United Nations SDG Fund has approved Zimbabwe’s USD 45 million program to catalyze investments in renewable energy (RE) to accelerate the achievement of the Sustainable Development Goals (SDGs) in the country. The UN SDG Fund is contributing USD 10 million to the program, while the Government of Zimbabwe through the Infrastructure Development Bank of Zimbabwe (IDBZ) and local partners, including Old Mutual Investment Group (OMIG), Zimnat Asset Management and CABS, are supporting the program with a total of USD 35 million.
5 The 4-year program, which is expected to start in April 2022, was jointly developed by UNESCO (lead agency), UN WOMEN, UNDP and the Government of Zimbabwe. It aims to leverage private investments to support renewable energy-based projects to achieve the SDGs in Zimbabwe. This program will innovatively target Sustainable Development Goals 5, 7, 8, 9, 13 and 17, while leveraging the cross-cutting nature of these goals to achieve the rest of the SDGs. The program will also contribute to the achievement of a number of key national priorities of the Government of Zimbabwe, as detailed in the National Development Strategy (NDS 1) and the United Nations Sustainable Development Cooperation Framework (UNSDCF 2022-2026 ), by working towards national goals on economic development, access to energy, climate action, empowerment of women and youth, and capacity building in RE for productive uses.
6 The main intervention of the program focuses on the establishment of an innovative, inclusive and gender-sensitive Renewable Energy Fund (REF) that aims to take advantage of the private sector and financial markets to finance RE projects that have a return on investment. and at the same time achieve a social impact for acceleration. of achieving the SDGs in Zimbabwe. Therefore, the joint program will carry out a large-scale demonstration of the concept of REF instruments that drive an innovative model of Accelerated Local Achievement of the SDGs and the economic empowerment of communities through the transformative impact of technology introduction. of RE with new opportunities for entrepreneurship, income and job creation. , and improvement of the quality of life and the environment. In order to address capacity gaps in the pre-investment, investment and post-investment stages, UN partner organizations through the JP will leverage partnerships with international RE capacity building organizations and local money markets to increase access to financing by SMEs. By focusing not only on investing in projects, but also developing technically skilled workforce in STEM, RE and ICT fields, the program will have a long-term impact to increase ER adoption in the country.
7 The active participation of the United Nations system and the Old Mutual Investment Group will provide credibility and a ‘halo effect’, thus providing a broader stage and audience for the Fund’s activities. The Fund is expected to unlock more than USD 30 million from Zimbabwean financial markets and regional and international development focus entities, most of which would not otherwise normally go to financing renewable energy.
- World Gorilla Day: Nigeria’s only 100 Cross River Gorillas faces extinction
- Buhari holds bilateral talks with Prime Ministers of Ireland, Greece
- The World Food Program (WFP) and the Government of Cape Verde join forces to support schoolchildren amid the socio-economic crisis driven by COVID-19 and the conflict in Ukraine