‘Climate change major threat to Vision 2030’

FINANCE, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has reiterated the need to aggressively diversify the economy from reliance on primary industries to a more sophisticated economy anchored on higher value addition to generate decent jobs and incomes for the majority.

Citing climate change as one of the major threats towards the attainment of Vision 2030 of an upper middle-income status, he said greater efforts must be channelled towards building economic resilience, with Government and the private sector working together.

Addressing delegates to the Zimbabwe Economic Development Conference (Zedcon) in Victoria Falls on Monday, Prof Ncube said on average, it is estimated that climate change is eroding five percent of Gross Domestic Product (GDP) on the African continent, varying across member states.

“In Zimbabwe, climate change is estimated to be costing the country a lot in terms of economic growth. This comes at a time when the country is facing one of the worst climate-related droughts, which has forced our economy to deviate from our intended growth path of an average of five percent to around two percent in 2024,” said the minister.

Professor Ncube said climate change impact is not only being felt in agriculture and food security but is extending to electricity generation at Kariba Power Station, which is now operating at very low levels.

These direct impacts of climate change amplify through multiplier effect to the rest of the economy, he added.

Given its impact across all facets of life, Professor Ncube said it has become imperative to engage all the stakeholders to discuss home-grown mitigation and adaptation measures against the phenomenon to incorporate them in the planning metrics.

He highlighted that this year’s conference dwelled on five critical pillars that will form the foundation of the strategy for building a sustainable and prosperous future.

They include climate-proofing agricultural production and growth, public expenditure policies and programmes to build resilience and mitigate drought effects and private sector initiatives, including carbon financing to support development under climate change.

Professor Ncube said under these pillars, various submissions were made by both the researchers and ordinary participants at the conference.

“The inputs are invaluable as we embark on the formulation of the 2025 National Budget and the National Development Strategy II (2026-2030).

“The strategy is to tap into some of the brightest minds, some of them a product of long term investments through institutions of higher learning,” he added.

The conference was held under the theme “Building Resilience and Driving Economic Transformation under Climate Change”.

Earlier this year, the President declared a state of disaster in recognition of the devastating impact of drought caused by El Nino, a phenomenon whose impact is believed to be worsening due to climate change.

The declaration of the state of disaster will trigger resource mobilisation on a huge scale, targeting stakeholders that include those in the diaspora, the United Nations agencies, the international community and the private sector, among others.

Climate change is already causing more frequent and intense droughts, storms, heat waves, rising sea levels, melting glaciers and warming oceans, directly harming animals, destroying the places they live and wreaking havoc on people’s livelihoods and communities.

Treasury secretary, Mr George Guvamatanga, also said climate change is real and has resulted in extreme events such as floods, droughts and high temperatures.
He said meteorological models support the increasing incidences of climate change in the future with chances of droughts and floods increasing in the country and beyond.

“In view of this reality, discussions recommended implementation of adaptation strategies, complemented by mitigation measures, as the country’s gas emissions are minimal,” said Mr Guvamatanga.

“As part of adaptation, Government was encouraged to tap into international green finance market to increase fiscal space to cope with the impact of climate change.”

He told delegates that there was recognition that the country is one of few with the highest number of dams and it was recommended that Government put in place strategies to increase utilisation of water bodies in the country for irrigation to ensure food security even in drought years.

“Households were encouraged to invest in water harvesting that can be channelled towards agriculture and other household and economic activities.

“Government was encouraged to increase support towards social protection programmes in response to climate change,” said Mr Guvamatanga.

“This involves increasing resource allocations towards sovereign insurance and incentivising farmers to invest in individual insurances to hedge against the impact climate change.”

Government agriculture input support programmes will going forward be also tailor made in line with agri-ecological zones of the country.
“Maize should be planted in the appropriate regions, which receive adequate levels of rainfall of above 500mm,” said Mr Guvamatanga.-chroncile