Zimbabwe’s Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, highlighted the country’s vast investment potential in the energy sector at the Zimbabwe Investment and Capital Market conference held in the United Kingdom.
Recognizing the crucial role of energy in modern economies, Zimbabwe is poised to expand its investments in renewable energy and energy efficiency, aligning with global climate commitments. The country currently faces an energy deficit, producing only 1,100 MW against a national demand of 2,300 MW, presenting a significant opportunity for investors to address local and regional energy needs.
“Zimbabwe has growing interest and significant renewable energy potential, including solar, wind, hydro, and biomass resources. Investing in renewable energy projects such as solar farms, wind farms, small-scale hydroelectric plants, and biomass energy production can help diversify the country’s energy mix and contribute to sustainable development,” Ncube stated.
He further emphasized the potential of biofuels and bioenergy projects in reducing reliance on fossil fuels, promoting sustainable energy production, and creating opportunities for agricultural development. “Biofuels derived from crops such as sugarcane, jatropha, and other feedstocks can be used for transportation and power generation,” Ncube added.
By capitalizing on these opportunities, Zimbabwe stands to gain significant economic benefits, foster sustainable development, and strengthen its economy. The Minister’s call to action underscores the country’s commitment to building a brighter, more inclusive future.
The Zimbabwean government is actively promoting the growth of Independent Power Producers (IPPs) in the renewable energy sector through support mechanisms like Government Implementation Agreements (GIAs). These agreements are crucial for fostering the development of renewable energy sources across the nation.
At the conference, Minister Ncube encouraged investors to explore opportunities in Zimbabwe by introducing new financial products, such as green bonds, catastrophe bonds, infrastructure bonds, diaspora bonds, and SME infrastructure bonds. These instruments aim to enhance economic development and growth.
