The Swedish Energy Agency is eyeing new investment opportunities in Zambia’s renewable energy sector, driven by the country’s vast potential in green energy and energy efficiency. This interest follows a recent high-level meeting between Zambia’s Ministry of Green Economy and Environment and a Swedish delegation led by Mr. Joachim Schnurr, Team Lead for SPARC6 Zambia.
The meeting at the Industrial Development Corporation (IDC) offices in Lusaka saw Mr. Schnurr commend Zambia’s progress under the SPARC6 program—a German Government-funded initiative designed to integrate countries like Zambia into the global Carbon Market. He noted that Zambia is on track to establish a robust carbon market framework by year-end, which is expected to boost its attractiveness for climate-focused investments.
“The opportunity to develop new renewable energy and energy efficiency projects in Zambia is auspicious for the Swedish Energy Agency,” Mr. Schnurr remarked. He praised the advancements made over the past two and a half years under the SPARC6 program and expressed the Agency’s eagerness to support project development in Zambia’s energy sector.
IDC’s Acting Head of Investments, Mr. Mulumba Lwatula, emphasized the need for enhanced technical and financial support to push renewable energy initiatives in Zambia. He outlined the IDC’s current projects, including establishing two solar power plants within the Lusaka South Multi-Facility Economic Zone (MFEZ) and the forthcoming deployment of around 500 megawatts of new renewable energy projects. These efforts demonstrate the IDC’s commitment to the government’s renewable energy goals.
The Swedish delegation’s visit was part of the Supporting Preparedness for Article 6 Cooperation (SPAR6C) Program, managed by the Global Green Growth Institute (GGGI) in collaboration with GFA Consulting and UNEP Copenhagen Climate Centre. The SPAR6C Program aims to spur investment in greenhouse gas emissions reductions by supporting carbon project development and facilitating the exchange of Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6 of the Paris Agreement.
As part of its support, the SPAR6C program provides technical assistance to make Zambian renewable energy projects bankable, including feasibility studies, Mitigation Activity Design Documents (MADD), project validation, and identifying financing sources and potential buyers.
