Zimbabwe and Zambia have convened the inaugural Zimbabwe-Zambia Energy Projects Summit in Victoria Falls to address their ongoing energy crisis and attract investment in renewable energy.
Both nations, heavily reliant on hydropower from the Kariba Dam, are grappling with unprecedented drought conditions that have left the dam with just 2% of its water capacity, resulting in up to 20 hours of daily power outages.
The summit’s focus is to promote renewable energy sources such as solar and wind power.
Zimbabwean Vice President Constantino Chiwenga emphasized the abundant solar potential in both countries, noting, “This is the only asset on this Earth we do not pay for. Let’s use it.”
He expressed optimism about developing large-scale solar farms to not only meet local energy needs but also supply neighboring countries.
Additionally, Zimbabwe and Zambia are exploring innovative floating solar projects on Lake Kariba to maximize renewable energy production.
Zambia’s Energy Minister, Makozo Chikote, highlighted the urgency of diversifying the energy mix, citing climate change and overdependence on hydropower as key challenges.
Chikote announced Zambia’s goal to leverage increased copper production, aiming to produce 3 million metric tons annually by 2035, to finance renewable energy projects. “We are at a critical juncture in our energy and mining sectors,” he said, urging both nations to adopt strategies that address energy demands sustainably.
Efforts to attract foreign investment were also central to the discussions. Zimbabwe’s Energy Minister, Edgar Moyo, outlined incentives for investors, including tax holidays, duty-free importation of capital goods, and prescribed asset status to enhance funding accessibility.
Moyo emphasized the country’s supportive policies, such as the National Energy Policy and the Renewable Energy Policy.
International delegates, including EU Ambassador Jobst von Kirchmann and British Trade Commissioner John Humphrey, stressed the importance of policy stability to attract long-term investments in the renewable sector.
Humphrey noted, “Money flows where it feels secure. A predictable and stable environment is essential for renewable energy investments.”
