Written By Ceaser Siwale

Agreements at COP29

At the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Zambia became pivotal in global climate action by signing groundbreaking bilateral agreements with Sweden, Norway, and Singapore. These partnerships, grounded in Article 6 of the Paris Agreement, emphasise carbon credit trading, sustainable development, and targeted strategies to support Zambia’s Nationally Determined Contributions (NDCs). These agreements signify a major milestone in Zambia’s journey toward climate resilience, economic sustainability, and international cooperation.

Advancing Climate Action: Zambia’s Partnership with Sweden and Norway

On November 16, 2024, Zambia’s Ministry of Green Economy and Environment (MGEE) formalised agreements with Sweden and Norway. These agreements establish a framework for cooperation under Article 6, focusing on leveraging carbon credit trading to drive emission reductions. The bilateral cooperation underscores the importance of mutual support in implementing the Paris Agreement while ensuring equitable and sustainable outcomes.

Key Objectives of the Agreements:

1. Sweden and Norway will provide Zambia with technical assistance to enhance its institutional and technical capacity for managing carbon market mechanisms.
2. The agreements enable Zambia to participate in international carbon markets, fostering investments in renewable energy, forest conservation, and other carbon mitigation projects.
3. By monetising emission reduction efforts, the agreements aim to create economic benefits for Zambian communities, promote sustainable livelihoods, and encourage broader participation in climate-friendly practices.
4. A major focus is on ensuring the environmental integrity of projects under the carbon trading framework, aligning with the principles of the Paris Agreement.
   

Exploring New Horizons: Collaboration with Singapore on Carbon Credits

Zambia signed a Memorandum of Understanding (MOU) with Singapore on November 19, 2024, expanding its climate partnership network. This collaboration marks an innovative step in leveraging Southeast Asia’s expertise in carbon market mechanisms. Singapore, a recognised hub for sustainable finance and environmental innovation, provides Zambia with a strategic partner as it seeks to unlock the potential of its natural resources.

Key Highlights of the Partnership:

1. The MOU establishes a platform for exchanging best practices and technical expertise in carbon credit generation and trading.
2. Singapore will assist Zambia in developing the infrastructure necessary for high-quality carbon credit certification, ensuring projects meet rigorous international standards.
3. Both countries will collaborate to identify and implement renewable energy, reforestation, and sustainable agriculture projects that generate carbon credits while driving socioeconomic benefits.
4. The partnership aims to position Zambia as a key player in global carbon markets, creating opportunities to integrate with regional initiatives and attract international investors.

Implications for Zambia’s Sustainable Development Goals

These bilateral agreements have far-reaching implications for Zambia’s climate strategy and sustainable development agenda:

1. Economic Growth through Climate Financing: Participation in international carbon markets is expected to attract investments into Zambia’s renewable energy and sustainable agriculture sectors, creating new income streams for the country.
2. Energy Security and Transition: Investments driven by these agreements will support Zambia’s transition to renewable energy sources, reducing dependence on fossil fuels and enhancing energy security.
3. Community Development: Revenue generated from carbon credit trading will be reinvested into local communities, creating jobs, improving infrastructure, and enhancing quality of life.
4. Enhanced Climate Resilience: Projects funded through these agreements will improve Zambia’s ability to adapt to climate impacts, such as droughts and floods, which disproportionately affect vulnerable communities.

Global Context: Zambia’s Leadership at COP29

Zambia’s initiatives at COP29 exemplify the potential of bilateral cooperation in addressing the global climate crisis. These agreements come as nations are working to finalize the rules governing international carbon markets under Article 6 of the Paris Agreement. The partnerships demonstrate how developing countries can harness international support to achieve ambitious climate goals while fostering sustainable economic growth.

The Role of Article 6:

Article 6 of the Paris Agreement provides a mechanism for countries to cooperate in reducing emissions through carbon markets. Countries can achieve cost-effective emission reductions by trading carbon credits while maintaining environmental integrity. Zambia’s agreements with Sweden, Norway, and Singapore showcase a practical application of this mechanism, setting a precedent for similar collaborations worldwide.

Zambia’s proactive engagement highlights the critical role of African nations in global climate governance. By leveraging its natural resources and aligning with international partners, Zambia is advancing its climate agenda and contributing to broader global efforts to limit temperature rise to 1.5°C.

Conclusion: A Model for Collaborative Climate Action

Zambia’s bilateral agreements with Sweden, Norway, and Singapore represent a blueprint for successful international collaboration on climate action. By integrating carbon credit trading into its climate strategy, Zambia creates a win-win scenario that addresses environmental and economic priorities. These partnerships demonstrate how cooperation under Article 6 can drive meaningful progress toward global climate goals, inspiring other nations to follow suit.

As Zambia continues to build on these partnerships, the country solidifies its position as a leader in climate resilience and sustainable development, exemplifying the transformative potential of global cooperation in the fight against climate change.