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Stanbic Bank has reaffirmed its commitment to playing a key role in Zambia’s energy transition to more sustainable energy sources, driven by a desire to mitigate climate change, and capitalizing on emerging opportunities.
Bank Vice President for Energy and Infrastructure, David Chanda, said Stanbic was taking a proactive approach to environmental sustainability, particularly in supporting renewable energy projects in Zambia.
Chanda said this during a panel discussion at the Energy for Africa Conference (EFFA) held at Mulungushi International Conference Centre under the theme: “Investment Opportunities in the Energy Sector in Zambia and Africa.”
During the discussion, David Chanda shared insights on the Bank’s focus on Environmental Sustainability by supporting renewable energy projects and conservation activities along the Zambezi River basins.
He said the bank had a guiding policy for sustainable finance efforts, with set targets to be achieved in financing project development and implementation.
“We have got this programme where we encourage the planting of trees along the Zambezi River in collaboration with the government and other partners. That’s one way of ensuring that the important resource does not get depleted and the environment, ecosystem is preserved,” Chanda highlighted.
He also noted that Stanbic Bank was deliberately supporting renewable energy projects, such as the Chisamba 100MW solar power plant with a focus on complimenting government efforts in fighting climate change.
Chanda emphasized the bank’s crucial role in supporting the development of renewable energy projects, which could help Zambia achieve its energy goals while promoting sustainability.
“There is need to diversify generation technologies to meet demand and supporting solar and wind power projects is one way we are doing this. The bank has a track record of closing significant renewable energy transactions in Zambia and is working on others,” he said.
Chanda revealed that apart from the Chisamba solar power plant, the bank had several other projects in the pipeline which would help the country to reduce its reliance on hydro power and preserving water resources.
Chanda Chisha, Hydrology Manager for Lunsemfywa Hydro Power Company, highlighted several challenges in the operations of the power utility such as water depletion due to climate change effects.
“As you know Lusemfwa sits on a farming block or Agriculture block in Mkushi, and a lot of water is used for such activities. We are facing a huge challenge of water depletion due to climate change effects,” Chisha said.
He stated that upstream water abstraction through Agricultural activities and other uses were reducing the amount of water available for hydro power generation.
Meanwhile, Sham Tembo from Kafue Gorge Lower Hydrology Department said the company was adjusting its hydro power generation based on the water inflow it was receiving from upstream, which had been influenced by various factors.
“As Kafue Gorge Lower we rely on ZESCO gauges which measure the amount of water to be released and this is the same with Itezhi Tezhi Hydro Power which also feeds us with the measured water. We are at the tail end of production, and this results in the adjustment of power production,” Tembo said.
He stated that this approach helped the company balance power generation with downstream water needs and environmental considerations.
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