The Copperbelt Energy Corp (CEC), an electricity generation company based in Zambia, has successfully raised $200 million through a Green Bond to fuel the development of solar energy generation projects totaling approximately 200 Mega Watts. The announcement was made during the 28th Conference of Parties of the UN Convention Framework on Climate Change in Dubai. By December 28 last year, the first allotment of $54 million had been fully subscribed, showcasing confidence in CEC's initiative. Zambia's Minister of Finance commended CEC for leading the way in green finance, emphasizing the positive impact on the capital markets and overall economic development. The green bond aligns with climate-smart practices, addressing the country's rising energy demand and promoting climate resilience and adaptation.
During the celebration of Zambia's inaugural green bond listing on the Lusaka Securities Exchange, Zambia's Minister of Finance highlighted the essential role of capital markets in economic development. He urged other businesses and financial institutions to leverage the capital market master plan, green bond, and green loan guidelines to harness the benefits they offer. Emphasizing the link between energy sector development and the growth of key sectors like mining, agriculture, and tourism, he encouraged companies and investors to follow CEC's example in utilizing Zambia's business-friendly capital market rules to raise essential investment funds.