CBZ calls for urgent action on climate change

Staff Writer

CBZ Holdings (CBZ) has called on the government and private sector to ramp up efforts to combat climate change.

The call comes as the country grapples with a severe El Niño-induced drought, heightening the devastating impact on the agricultural sector and related value chains.

“Climate change will continue to adversely impact the country’s agricultural and related sectors, hence the need for both the government and the private sector to step up efforts towards climate change mitigation, adaptation and related disaster plans,” CBZ said in a trading update.

The company’s statement comes at a time the Zimbabwean government declared a state of disaster due to the drought. The government is expected to plummet by half, raising concerns over food security.

Regionally, as a result of the El Niño effect, most Southern African countries declared the 2022/23 agricultural season a national disaster following prolonged dry spells and erratic rainfall patterns.

Meanwhile, CBZ said it planned to join its peers to incorporate, most importantly, social, environmental and governance (ESG) factors into its strategic and financial decision-making processes to ensure that the company remains sustainable and also provide good governance structures.

The group also announced a nomination for accreditation with the European Organisation for Sustainable Development.

CBZ said it planned to pursue accreditation with the Green Climate Fund (GCF) – a critical source of funding for climate change initiatives in developing countries.

The nomination for accreditation, which is significant within the framework of the United Nations Framework Convention on Climate Change (UNFCCC).

If the nomination for accreditation with the GCF is affirmed the milestone for the bank’s largest financial institution as it demonstrates its commitment to supporting climate-friendly projects and initiatives.

By participating in the GCF’s funding mechanisms, CBZ can play a significant role in supporting the transition to a low-carbon, climate-resilient economy.

The nomination for accreditation with the GCF is a testament to the financial institution’s commitment to environmental sustainability and its recognition of the urgency of addressing climate change.

By obtaining accreditation with the GCF, CBZ can access a pool of resources that can be used to finance projects that promote sustainable development and resilience to climate change.

This includes projects related to renewable energy, energy efficiency, climate-smart agriculture, and climate-resilient infrastructure.

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