Attachments
-
Honourable Minister of Energy and Power Development, Hon. Zhemu Soda.
-
Senior Government Officials Present.
-
Chief Operating Officer, Old Mutual Investment Group - Mr Isaiah Mashinya.
-
Excellencies Ambassadors here present.
-
Renewable Energy Investors.
-
Ladies and Gentlemen.
I am delighted to welcome you all to the launch of the UN SDG- Fund Initiative - Catalysing Investment into Renewable Energy for the Acceleration of the Attainment of the Sustainable Development Goals in Zimbabwe.
The project proposal has been jointly developed by the Government of Zimbabwe, the UN system in Zimbabwe (namely UNESCO as lead, UNWOMEN, UNDP and UNCDF). This launch could not come at a better time. As we face energy challenges, creating the enabling environment for investment in renewable Energy will be key for the success of our green agenda.
Zimbabwe, like any other country globally, is facing energy shortages, affecting the country's productivity and general activities. The current energy challenges, coupled with climate challenges call for one unified solution – a rapid and extensive adoption of Renewable Energy technologies in the country. In response to such a crisis, the United Nations SDG Fund sent out a call globally for the UN Country Teams to come together and figure out ways to assist Member States in solving this challenge among many others.
I am pleased to announce that after TWO years of hard work, we have a solid programme that we are here to launch today. The process that led to this launch has been truly collaborative effort with the Government, the UN Development System and its UN Entities and other national stakeholders.
Ladies and Gentlemen:
The overall aim of the Joint Programme we are launching today is to leverage private investments in order to support Renewable Energy (RE) projects for the achievement of the Sustainable Development Goals (SDGs) in Zimbabwe, namely Goals 4, 5, 7, 8, 9, 13 and 17, and harnessing the cross-cutting nature of these goals to achieve the rest of the SDGs. It will also contribute to NDS1 and the Zimbabwe UN Cooperation Framework commitments of economic development, energy access, climate action, women and youth empowerment, and capacity development in Renewable Energy for productive uses.
Ladies and Gentlemen:
The planned intervention centres on the establishment of an innovative inclusive and gender responsive Renewable Energy Fund (REF) that will leverage private sector investment in the Renewable Energy space.
The Joint Programme will establish a full-scale demonstration of concept that will have a significant transformational effect through technical assistance, unlocking private sector funding and business models to support and deepen the Renewable Energy value chain. It will positively benefit targeted communities and demonstrate the cross-cutting developmental nature of RE through the creation of local green economies, with new entrepreneurship opportunities, incomes, and job creation.
As such, the Joint Programme has an enormous potential to substantially advance the country’s attainment of its SDG goals, particularly in empowering rural off-grid communities in Zimbabwe, who are the most left behind.
The Renewable Energy Fund being established will be the first of its kind in Zimbabwe. The Fund is expected to unlock over USD 30 Million from the Zimbabwean financial markets, and regional and international development focus entities, the bulk of which would otherwise not typically be directed towards RE financing. With the Renewable Energy financing put in place, we want to have an ecosystem that gives entrepreneurs including women-owned SMEs every opportunity to invest in Renewable Energy value chain.
From the UN SDG fund, we have made USD 10 million available; Old Mutual Investment Group is committing USD10 Million while the Government through the Infrastructure Development Bank of Zimbabwe (IDBZ) is committing USD ONE Million. This will also help attract additional capital from the private sector and Old Mutual as Fund Manager is confident in mobilizing additional resources in order to close the Renewable Fund at $45Milliom.
The REF will be funding small- and medium-size companies for the deployment of projects with both commercial returns and positive impacts in the communities in the RE value chain. The UN will be partnering with capacity building institutions to capacitate financial literacy and technical skills of potential youth and women to access funds for the deployment of RE-related solutions.
Ladies and Gentlemen,
The UN SDG-Fund Joint Project that is being launching today, and the REF being established will support scaling up of Renewable Energy and its value chain in the country and beyond. We have come a long way, let me seize this opportunity to appreciate the Government of Zimbabwe, Old Mutual and other partners who have been with us, for making this possible. With this launch of the Zimbabwe SDG-F Joint Programme, we will demonstrate the catalytic nature of Renewable Energy.
And with this, I am honoured to announce that the Zimbabwe UN SDG-F project ‘Catalysing Investment into Renewable Energy for the Acceleration of the Attainment of the Sustainable Development Goals in Zimbabwe’ is ready for implementation. And I look forward to seeing many successful pipeline projects.
Thank you.