By Ntokozo Nkambule
The United Nations Development Programme Eswatini (UNDP) has committed to partner with the Kingdom on climate change initiatives to the tune of E600 million.
This was disclosed by UNDP Eswatini Resident Representative Rose Ssebatindira during the inaugural and ongoing Eswatini Green Indaba, which was officially opened by Prime Minister Cleopas Dlamini at the Happy Valley Hotel.
The Indaba is sponsored by SNG Grant Thornton in partnership with the Eswatini Stock Exchange, Central Bank Eswatini, and the Financial Services Regulatory Authority (FSRA). UNDP provided technical support through a team of experts who shared experiences and best practices from other countries on incentivizing and leveraging private sector investment in low-carbon technologies.
Ssebatindira noted that the funding will aid the country in its effort to reduce emissions and enhance the adaptive capacities and build the resilience of vulnerable communities.
“In this regard, with support from various development partners, UNDP is honoured to partner with the Kingdom of Eswatini on a variety of pipeline flagship initiatives to the tune of USD 35million (about 600 million Emalangeni), aimed at reducing emissions and enhancing adaptive capacities and building the resilience of vulnerable communities; improving accuracy and reliability of climate information for early warning and action, and harnessing nature-based solutions such as ecosystem-based adaptation practices,” she noted.
The Resident Representative said it is important that donor agencies and the public and private sectors partner as there is a huge shortfall in traditional international funding sources for climate action, such as the Global Environment Facility (GEF), Green Climate Fund (GCF), and the Adaptation Fund.
She implored attendees of the Green Indaba to focus on three pertinent questions.
1. What green financing opportunities and options can the private sector adopt to meaningfully contribute to climate action and sustainable development goals?
2. What priority investments will deliver higher returns on mitigation, adaptation, the economy, and youth employment in Eswatini?
3. How can public finance be best deployed to unlock and catalyze private-sector climate finance?
Furthermore, Ssebatindira noted that increasing access to clean and affordable energy is one of the priority focus areas under the UNDP offer to the Kingdom, outlined in the Country Programme 2021-2025 and Eswatini’s NDCs.
“I am pleased to inform you that as part of our commitment to reducing UNDP carbon emissions in the country and creating awareness of the need for transition to green energy solutions, UNDP Eswatini, through its global Energy Moon Shoot Initiative, has procured its first fully Electric Vehicle to be powered by a solar charged station,” she announced.
She said Eswatini cannot be left behind in the electric car market as sales for electric cars have shot up by 35% this year.
“According to the International Energy Agency (IEA), there is a booming demand for electric cars, with sales expected to increase by 35% this year, after a record-breaking 2022, when more than 10 million electric cars were sold. This explosive growth has resulted in a rise in the share of electric cars in the overall car market from about 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year, according to the latest IEA projections. I have no doubt that with Government’s demonstrated climate action commitments this far, a decarbonized transport sector in the Kingdom is achievable.”
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