By Jane Chanda
Zimbabwean Vice-President Constantino Chiwenga says Zimbabwe and Zambia are ideally positioned to harness solar energy due to their abundant sunlight throughout the year.
According to www.voanews.com, Chiwenga noted that sunlight was the only asset that came without a cost and urged investment in large-scale solar farms to generate power for local consumption and export, potentially reducing dependence on hydropower.
Speaking at the inaugural Zimbabwe-Zambia Energy Projects Summit at Victoria Falls in Zimbabwe yesterday, Chiwenga outlined the two country’s strategic position to benefit from solar and wind power, stating the importance of diversifying their energy sources to reduce dependence on hydropower.
He reaffirmed the importance of regional cooperation in achieving energy security.
“By working together, we can create a sustainable energy future for our nations,” stated Chiwenga.
Zambia’s Energy minister Makozo Chikote echoed Chiwenga’s sentiments, stating that overdependence on hydroelectric power exposed Zambia’s energy vulnerability.
The energy minister pointed to the current drought, which had left the Kariba Dam reservoir at a historic low, resulting in long hours of power cuts.
The minister stated that to address this, Zambia aimed to produce 3 million metric tons of Copper annually by 2030, leveraging revenue from increased copper production to drive its push into renewable energy.
Chikote also highlighted Zambia’s exploration of floating solar projects on Lake Kariba to diversify its energy sources.
He stated that the hydroelectric dam, built during the colonial era, faced significant challenges due to the El Nino-induced drought.
And European Union Ambassador Jobst von Kirchmann cautioned that investors required predictability in legislation, courts and monetary policy.
The EU Ambassador cautioned that abandoning the Dollar would jeopardise Zimbabwe’s multi-currency policy, in place since 2009.
“Zimbabwe is now running a monetary policy which is a multi-currency policy, but then if someone goes out and says, we should abandon the Dollar; we should go back to mono-currency,’ that’s a killer for investment,” stated von Kirchmann.
British Trade Commissioner John Humphrey stressed the importance of stability in the renewable sector, emphasising that a favorable business environment was crucial for attracting investment.
He further likened investment to flowing water, noting that it naturally sought the path of least resistance, implying that money would flow to destinations with streamlined processes, minimal bureaucracy, and clear policies, but would divert elsewhere if faced with obstacles or uncertainty.
“Money will flow to destinations with favorable business environments, but obstacles or uncertainty will divert it elsewhere, underscoring the need for stability and predictability to attract investment,” stated Humphrey.
