Swedish Energy Agency Eyes Investment in Zambia’s Growing Renewable Energy Sector
The Swedish Energy Agency has expressed strong interest in exploring investment opportunities in Zambia’s renewable energy sector, recognizing the country’s vast potential in green energy and energy efficiency initiatives.
This development follows a high-level meeting between Zambia’s Ministry of Green Economy and Environment and a Swedish delegation led by SPAR6C Zambia Team Lead, Mr. Joachim Schnurr.
During the meeting at the Industrial Development Corporation (IDC) offices in Lusaka, Mr. Schnurr commended Zambia’s significant progress under the SPAR6C program—a German government-funded initiative that helps countries like Zambia engage in the global Carbon Market.
He noted that Zambia is on track to establish a comprehensive carbon market framework by the end of this year, enhancing the country’s attractiveness for climate-focused investments.
“The potential for developing new renewable energy and energy efficiency projects in Zambia is an exciting prospect for the Swedish Energy Agency,” said Mr. Schnurr.
He emphasized the Agency’s eagerness to support project development in Zambia’s energy sector, acknowledging the substantial progress made over the past two and a half years under the SPAR6C program.
In response, IDC Acting Head of Investments, Mr. Mulumba Lwatula, emphasized the need for increased technical and financial support to advance renewable energy initiatives in Zambia.
He highlighted the IDC’s ongoing efforts, including the establishment of two solar power plants within the Lusaka South Multi-Facility Economic Zone (MFEZ).
Additionally, approximately 500 megawatts of new renewable energy projects are set for deployment, reflecting the IDC’s commitment to the government’s push for renewable energy.
The Swedish delegation’s visit was part of the Supporting Preparedness for Article 6 Cooperation (SPAR6C) Program, led by the Global Green Growth Institute (GGGI) in collaboration with GFA Consulting and the UNEP Copenhagen Climate Centre.
SPAR6C aims to catalyze investment in greenhouse gas emissions reductions by supporting carbon project development and facilitating transactions of Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6 of the Paris Agreement.
The SPAR6C program is providing technical assistance to help bring Zambian renewable energy projects to bankability, including conducting feasibility studies, developing Mitigation Activity Design Documents (MADD), project validation, and identifying financing sources, including potential buyers.
