Zimbabwe is highly vulnerable to climate change, experiencing increased temperatures, erratic rainfall, prolonged droughts, and extreme weather events such as cyclones. These climatic shifts threaten key sectors such as agriculture, energy, and water resources, worsening food insecurity and economic instability.

Zimbabwe has committed to reducing carbon emissions by 40% per capita by 2030 as per its Nationally Determined Contributions (NDCs). However, achieving these goals requires significant climate financing, which remains a major challenge. Zimbabwe estimates that it needs approximately US$4.8 billion to implement its updated NDCs, with US$2.8 billion for adaptation and US$2 billion for mitigation.

However, limited access to international climate funds and private-sector investment hinders progress. Zimbabwe has developed key policies such as the National Climate Policy (2017), the Climate Change Response Strategy (2014), and the Renewable Energy Policy (2019) to support climate finance mobilization. Currently, Zimbabwe is working on developing the Climate Change Management Bill which will include key provisions on climate financing.

Barriers such as weak financial infrastructure, regulatory uncertainties, and investor risk perception continue to deter foreign direct investment in renewable energy. The Government has been proactive in advancing climate finance by working with multilateral agencies, but more Parliamentary engagement is needed to strengthen policy coherence, secure funding, and enhance implementation.

Existing Initiatives and Mechanisms

• Green Climate Fund (GCF): Zimbabwe has accessed funds for climate resilience projects, including the Building Climate Resilience in Agriculture initiative.

• Global Environment Facility (GEF): Provides funding for biodiversity conservation and energy projects.

• Sustainable Energy for All (SE4ALL): Supports Zimbabwe’s efforts to increase renewable energy access.

• Renewable Energy Strategy (2019-2030): Aims to increase renewable energy capacity to 26.5% of total energy mix by 2030.

Challenges and Prospects

Zimbabwe has vast solar, hydro, and biomass energy potential, but faces key challenges, including:

• Limited financial resources to support large-scale renewable energy projects.

• Regulatory constraints and policy inconsistencies that discourage private investment.

• High cost of capital due to country risk factors.

• Limited institutional capacity for climate finance mobilization.

However, opportunities exist through strengthened parliamentary oversight, regional energy cooperation, and unlocking blended financing models to de-risk investments.

Key Outlook for Zimbabwe

The Parliamentarians for Climate Finance project will enhance parliamentary capacity to secure climate finance, ensuring better policy coordination and investment facilitation. Legislators will play a critical role in developing a strong climate finance pipeline, engaging investors, and driving legislative reforms to attract climate-friendly investments