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Nqobile Bhebhe in VICTORIA FALLS

PRESIDENT Mnangagwa has called for a collective approach in crafting home-grown solutions that tackle the adverse impacts of climate change by strengthening mitigation and adaptation models in a manner that fosters consensus and inclusiveness.

At a time when the country has strongly defied the baneful effects of illegal sanctions imposed on Zimbabwe since the turn of the millennium, the President said climate change has become a major drawback to sustainable development, adding impetus to the need for comprehensive research to come up with inward solutions that are anchored on modernisation and industrialisation.

In his keynote address at the third edition of the Zimbabwe Economic Development Conference (ZEDCON) in Victoria Falls yesterday, President Mnangagwa said climate change impacts and natural disasters were exerting major risks to the economy and beyond the continent, which requires swift adoption and mitigation plans to reverse citizens’ vulnerabilities.

This year’s conference is running under the theme: “Building Resilience and Driving Economic Transformation under Climate Change.”

Such interventions, the President said, must be aided by reforms in the international financial architecture and clear action on the national debt to allow the mobilisation of critical resources from both the public and private sectors for practical actions against climate change.

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Zimbabwe is already suffering the effects of El-Nino-induced drought, which President Mnangagwa declared a State of Disaster.

“The infusing of aspects around climate change in this year’s conference theme is applauded given that this phenomenon is a major challenge of our time.

“Climate change impacts and natural disasters are exerting major risks that require adaptation and mitigation plans to protect economies and citizens from the climate chaos of today and tomorrow,” said President Mnangagwa.

“It is, therefore, our collective responsibility to promote home-grown solutions for mitigation and adaptation in order to foster consensus and inclusivity.”

He bemoaned the frequency and severity of climate change as a significant threat to the country’s economic growth, agricultural productivity, and overall well-being.

“This underlines the urgent need to find sustainable solutions to address these challenges and build resilience in our communities,” said the President.

As part of mitigation measures, he told delegates that the promotion of rural industries based on the comparative advantages of each area, remains a priority.

To that end, focus is on leveraging the country’s rich heritage, innovation, science, and technology to revitalise rural areas and create new industries that increase the incomes of rural communities.

“Further, as a country, we have committed to reducing greenhouse gas emissions by 40 percent per capita by 2030, and this will have a genuine impact on the fight against climate change by achieving Nationally Determined Contributions, much quicker.

“This will be accomplished, in part, through renewable energy development, afforestation, and sustainable forestry management.

“Additionally, the transition requires significant investments in renewable energy infrastructure and green technologies, which stimulate energy efficiency, and low-carbon transportation.”

On their part, President Mnangagwa challenged captains of industry to invest in infrastructure that facilitates the value-addition of minerals towards transforming Zimbabwe into a hub for sustainable cutting-edge technology.

“As you may be aware, our country is richly endowed with vast deposits of clean energy minerals such as lithium, which is essential for producing batteries, electric vehicles, high-tech applications, and other components used in renewable energy systems,” he said.

“I, therefore, challenge captains of industry to seize this opportunity by investing in infrastructure that facilitates value addition of these minerals towards transforming Zimbabwe into a hub for sustainable, cutting-edge technology.”

Delegates follow proceedings during the official opening of the third Zimbabwe Economic Development Conference 2024 in Victoria Falls yesterday.Picture Eliah Saushoma

Given the prevailing climate uncertainties, President Mnangagwa urged youths in tertiary institutions to fully utilise the resources and opportunities availed at the innovation hubs and industrial parks to develop more home-grown solutions that effectively address the challenges posed by climate change.

He, however, expressed concern that the impacts of climate change were more pronounced in low-carbon emitting countries such as Zimbabwe and other developing states, with the vulnerable struggling to deal with the impacts of a climate crisis they never created.

Amid these constraints, President Mnangagwa said his administration has taken proactive steps and is implementing fiscal policies and prudent monetary policies that guide financial institutions to support technological innovation and the development of the manufacturing sector.

“My administration will continue creating an enabling environment and building resilience to drive economic transformation under climate change,” he said.

“This includes advocating for the reform of the international financial architecture and clear action on debt, to scale up resources from both the public and private sectors, necessary for practical actions against climate change.”

Through the Venture Capital Fund, the Government is keen to capacitate and support the development of innovative ideas into viable enterprises that generate decent jobs and improve incomes.

Over and above this, Zimbabwe has subscribed to the Africa Risk Capacity Sovereign Drought Insurance Policy.

The fund has made a pay-out, which has augmented the Government’s ongoing support for vulnerable households.

Citing Article 6 of the Paris Agreement, which has created a new and robust framework for climate finance, President Mnangagwa said this is anchored on global compliance market emissions reductions, which offers Zimbabwe and others an unprecedented opportunity to attract finance in sustainable investment.

“All of you are called upon to leverage the global climate agenda to attract investment that further stimulates our country’s economic growth,” he said.

Professor Mthuli Ncube addressing delagates

President Mnangagwa said the Government stands ready to receive policy recommendations from the conference forum on the possible pathways and way forward as collective efforts were the way to go.

“Going forward, I challenge you to expand the scope of this event, turning it into a regional or an international gathering.

“This will allow us to tap into a broader pool of experts as we build resilience, promote economic transformation, and address contemporary issues affecting the country, region, and world at large,” he said.

The conference, which ends today, brought together researchers, academia, ministers and senior Government officials, civic society organisations, and development partners to discuss policy implications of climate change and key economic growth elements.