By Tendai Guvamombe

The Government of Zimbabwe through the Ministry of Environment Climate, Tourism and Hospitality Industry has partnered the FBC Bank on the implementation of Green Resilient Rapid Recovery in Zimbabwe Project. The launch was held through an inception workshop on the 5th September 2022 at a local hotel in Harare and was attended by different stakeholders in the Climate Change fraternity.

Green Resilient Rapid Recovery Programme was developed by the Green Climate Fund to assist developing countries to to take action to address the socio-economic impacts of the COVID-19 pandemic and assist in the implementation of large-scale stimulus packages to revive their economies in the wake of climate change and COVID-19.

In a speech, Permanent Secretary for the Ministry of Environment Climate Tourism and Hospitality Industry, Ambassador Raphael Faranisi said the project seeks to develop green resilient recovery measures that will feeds into Zimbabwe’s NDC and national adaptation plan(NAP) in a manner that supports climate action and climate resilient recovery.

“In response to this global initiative, the “Green Resilient Rapid Recovery in Zimbabwe” project aims to develop green resilient recovery measures, incorporate these measures into Zimbabwe’s Nationally Determined Contribution (NDC) and National Adaptation Plan (NAP), explore innovative approaches to finance green recovery projects and design paradigm shifting projects that promote both climate action and climate resilient recovery.”

The project implementation is expected to incorporate issues around assessment of key economic sectors of the Zimbabwe’s Nationally Determined Contributions on Climate Change (NDCs) in a manner that advances climate action in the sectors.

“The project will see the assessment of key socio-economic sectors affected heavily by the COVID-19 Pandemic; amongst these, the agricultural sector, transport sector, energy and tourism sectors just to name a few, and see the development of recovery measures for each sector that are climate smart and will catalyse climate action in these sectors.”

According to FBC Group Chief Executive Dr John Mushayavanhu on the Bank’s determination to assist the Government in the fight against Climate Change. He added that the financial player has also adopted the FBCH Climate Positive Agenda which seeks to institutionalize sustainability and aligning all operations to national programmes.

“FBC Holdings Limited is a future-ready financial services player and we are committed to play our part in the fight against climate change. We have embarked on a sustainability journey to translate our commitment into actions from the Group Strategy and policy framework at organizational level. We also adopted the FBCH Climate Positive Agenda which seeks to institutionalize sustainability and aligning all operations to national and international priorities such as NDS1 (2021-2025), Nationally Determined Contributions(NDCs) and Sustainable Development Goals(SDGs).By being at the center of capital allocation, we also understand that climate finance is critical in the attainment of climate change aspirations and the role of private sector particularly the financial services sector in resource mobilization. FBC Bank limited will continue exploring ways to channel the much needed climate finance into the country. The Government of Zimbabwe cannot win this fight against climate change alone. It is also our responsibility to play our part and FBC Holdings Limited is committed to contributing towards actualization of climate change priorities.”

Meanwhile, the Bank is pursuing for accreditation with the GCF as a Direct Access Entity through which GCF resources can be channelled into the country. The recent engagement is likely to influence the accreditation, a development that will spearhead the Banks’ portfolio to mainstream climate change and environmental issues.