Zimbabwe and Zambia are meeting this week in Victoria Falls to discuss strategies to attract investment in energy projects, as both nations grapple with severe power shortages caused by the worst drought on record. The summit comes at a critical time, as water levels in the Kariba Dam have plummeted, resulting in widespread power outages lasting up to 20 hours.
The inaugural Zimbabwe-Zambia Energy Projects Summit highlighted the countries’ vulnerability to overreliance on hydropower, with officials from both nations calling for a shift towards renewable energy sources such as wind and solar power. Zimbabwean Vice President Constantino Chiwenga emphasized the significant potential of solar energy, pointing out that both countries enjoy abundant sunlight year-round. He urged for the development of large-scale solar farms to meet domestic energy needs and to create opportunities for electricity exports to neighboring regions.
As part of their efforts to diversify energy production, Zimbabwe and Zambia have begun exploring floating solar projects on Lake Kariba, where the hydroelectric dam’s water levels are critically low due to an ongoing El Niño-driven drought. The dam, which has historically provided power to both nations, now holds only about 2% of its water capacity.
Zambian Energy Minister Makozo Chikote underlined the importance of renewable energy, linking the country’s energy strategy to its expanding copper industry. Zambia aims to produce 3 million metric tons of copper annually by 2035, with revenue from increased production expected to help finance the transition to cleaner energy sources.
Both nations are looking to secure foreign investment, with European Union Ambassador to Zimbabwe Jobst von Kirchmann emphasizing the need for stability in economic policies. He warned that any attempts to abandon the U.S. dollar, which has been in use since 2009, could deter investors. British Trade Commissioner for Africa, John Humphrey, echoed similar sentiments, stressing that a predictable and stable environment is crucial for long-term investments, particularly in renewable energy.
The summit will conclude on Wednesday, with both countries hopeful that the discussions will pave the way for future energy security and economic growth.
