Zambia urged to set Carbon Price

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Climate Change Expert Abel Musumali has called on the government to establish a carbon pricing mechanism to help Zambia meet its climate finance goals and international commitments.

Dr. Musumali said the country needs to introduce a standard price for carbon, arguing that the current unregulated approach leaves Zambia vulnerable to exploitation.

“There must be a standard in terms of how much a ton of carbon is sold for. If Zambia sells a ton of carbon at 20 to 30 dollars, we set a benchmark,” he said. “If we leave it open, someone may buy a ton at five dollars and resell it on the international market at 80 to 100 dollars.”

He further proposed that government introduce taxes on plastics and other environmentally harmful products as part of resource mobilization for climate financing.

Dr. Musumali said such taxes would compel larger companies and industries to contribute meaningfully to national climate financing efforts.

He also stressed the need for greater private sector involvement, stating that climate financing should not be left solely to the government and Civil Society Organizations.

“Are we saying climate financing is only for government and CSOs?” he asked. “We are leaving out a key player the private sector. Let us bring in the mining sector, companies like Trade Kings, Zambia Breweries, Airtel, and MTN. You would be amazed at the ideas they have on helping government mobilize climate finance.”

Dr. Musumali warned that Zambia remains far from meeting its climate goals due to inadequate climate financing.

He cited the Nationally Determined Contributions (NDCs), stating that NDC 2.0 estimated that the country needs about US$17.2 billion to meet its targets and that government has since introduced a revised NDC referred to as NDC 3.0 but costings for its implementation are still unclear.

“We do not yet know how much it will require to implement the NDC by 2030. As you are aware, we only have four years to go,” he said.

He explained that the country’s NDCs are aligned with the Paris Agreement, and noted that Zambia’s National Adaptation Plan alone will require about US$34.7 billion, while the Green Growth Strategy will require a further US$10 billion.

“If you combine these figures, it is a huge amount almost double Zambia’s Gross Domestic Product. The question is: where will the money come from?” he said.

Dr. Musumali emphasized that Zambia must be realistic and adopt innovative approaches to resource mobilization.

He further recommended the development of a comprehensive climate finance resource mobilization strategy, with active participation from the private sector, the Zambia Revenue Authority, and other key institutions.

“In general, we are not yet there not even halfway to what we require. We need to return to the drawing board and ask: as a country, how much can we realistically mobilize, and what legal frameworks are needed to enable this?” he said.

He added that while Zambia has strong policies and strategies in place, their implementation will require substantial financial resources, making innovation in resource mobilization vital.

Ends………………………..

 


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