STAKEHOLDERS have urged government to champion and collaborate with various players in developing and implementing the Green Islamic principles in Zimbabwe, NewsDay Business can report.
This is in line with international best practices and Shariah requirements.
Speaking during the just-ended Zimbabwe Economic Development Conference, Conservation Focus chief executive officer Joice Chuma underscored the need for government to leverage existing tax and regulatory frameworks and offer tax incentives in the form of tax exemptions on green bond issuances and investments.
She was presenting on Greening Zimbabwe’s future; leveraging corporate green bonds for sustainable prosperity in the climate crisis era.
“Insights drawn from green bond markets in South Africa, Morocco and Kenya indicate that developing a similar framework in Zimbabwe could unlock significant positive environmental, social and economic impacts. Zimbabwe can harness the full potential of green bonds to drive its sustainable development under climate change by developing a robust pipeline of projects in renewable energy, sustainable agriculture, green buildings and sustainable water management,” Chuma said.
She highlighted that Zimbabwe had achieved milestones regarding the development of a suite of policy and institutional frameworks to create an enabling environment for green finance.
“Based on 2023 estimates, the energy sector accounts for 34% of greenhouse gas (GHG) emissions in the country, while agriculture, waste and industry contribute 58%, 5% and 3% respectively, demonstrating the need for increased uptake of renewable energy, sustainable agriculture and waste management to reduce GHG emissions,” Chuma said.
Meanwhile, banker and entrepreneur, Nigel Chanakira, said the country was in the process of formulating a carbon credits act.
He said the Zimbabwe National Statistics Agency and the responsible ministry will ensure that the new legislature incorporates all discussions during the conference.
“Clearly we are behind the curve in raising the green financing. We need a combination of private sector efforts and government to ensure that the benefits from this new global architecture is inclusive of green funding,’’ Chanakira said.