Tax climate financing expensive: Zimbabwe

Date:

MARTIN MAWAYA

NAIROBI, KENYA-Global taxes to finance climate actions will increase the country’s debt burden to unsustainable levels, the Zimbabwe Government has said.

The remarks were made by Minister of Lands, Agriculture, Water Fisheries and Rural Development Dr Anxious Masuka who is representing President Mnangagwa at the inaugural Africa Climate Summit in Nairobi, Kenya.

The climate summit aims to galvanize support for Africa’s call for a durable financing mechanism for loss and damage as agreed at COP 27 as well as catalyze climate actions as countries cannot adapt or mitigate climate impacts on their own.

Dr Masuka said inadequate climate financing is hindering the country’s adaptation action plan, hence African countries should heighten cooperation and act collectively in addressing its challenges as climate change is retarding economic development in many fronts.

“This Summit is significant as it signals Africa’s determination to generate consensus on climate change matters. The imperative to act collectively as Africa, to address the many seemingly insurmountable challenges, requires heightened cooperation to this globally significant challenge”.

“The Southern Africa region has increased frequency of droughts, heat waves, destructive tropical cyclones, floods, and other severe weather events. These climate catastrophes have claimed many lives, damaged infrastructure, displaced people and retarded development. Zimbabwe, therefore expresses its gratitude to both the African Union and Kenya for co-hosting this milestone event,” he said.

He said government has invested substantial amount in climate-proofing and disaster risk reduction.

“Zimbabwe is making strides to embed the green cities concept and we have just commissioned our first smart city. 

“Through our own limited resources, Zimbabwe is prioritising national actions that build adaptive capacity; reduce greenhouse gas emissions; strengthen climate change education and public awareness; and contribute to sustainable development,” said Minister Masuka.

The Minister added that the discussion on carbon credit is a welcome development but should not replace or reduce the historically agreed global commitments.

He highlighted that the Zimbabwe government has already passed legislation to guide the carbon credits market.

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