Zimbabwe and Zambia are holding a summit this week in Victoria Falls to identify ways to attract investors for energy projects and development.
The talks come as the neighbors experience their worst recorded drought, which is drying up the Kariba Dam reservoir and causing hourslong power cuts.
Speaking at the inaugural Zimbabwe-Zambia Energy Projects Summit, officials from both countries said depending so heavily on hydropower leaves them vulnerable to lengthy lapses in electricity. Recently, power outages reached 20 hours.
They say they want to increase investment in wind and solar energy generation.
Zimbabwean Vice President Constantino Chiwenga said Zimbabwe and Zambia are well-positioned to benefit from solar and wind power.
“In particular, the potential for solar energy is highly promising,” Chiwenga said. “Both Zimbabwe and Zambia enjoy abundant sunlight throughout the year. This is the only asset on this Earth we do not pay for. So, let’s use it.”
With investments, he said, building large-scale solar farms could generate power not only for local consumption but also to export to neighboring countries.
“These initiatives will not only enhance our national energy security but also position both nations as key players in the regional energy market,” he said.
Zimbabwe and Zambia have started exploring floating solar projects on Lake Kariba. The hydroelectric dam there was built during the colonial era, but an El Nino-induced drought has left the dam with about 2% of its water, resulting in hourslong power cuts in both countries.
Zambian Energy Minister Makozo Chikote said that Zambia hopes to buoy its push into renewable energy with money from increased copper production. He announced a target of 3 million metric tons of copper to be produced annually in Zambia by 2035.
“We are at a critical juncture in our countries: energy and mining sectors,” he said. “The demand for electricity and resources continues to grow, and it is imperative that we adopt strategies to meet the challenges head on.”
Chikote referenced the current drought, which has left the reservoir at a historic low, saying, “Overdependence on hydro has exposed the vulnerability of the energy in … Zambia.”
The countries are looking to the West for potential investors.
Jobst von Kirchmann, European Union ambassador to Zimbabwe, said that investors want predictability in legislation and the courts, but especially in monetary policy.
“Zimbabwe is now running a monetary policy which is a multicurrency policy, but then if someone goes out and says, ‘We should abandon the dollar; we should go back to mono-currency,’ that’s a killer for investment,” he said.
Some elements in Zimbabwe’s ruling ZANU-PF party have been calling for the abandonment of the dollar, which the country has been using since 2009, together with other currencies.
John Humphrey, British trade commissioner for Africa, echoed the call for stability.
“When we are in the renewable sector, it’s not just about five or 10 years,” he said. “Actually, you are looking at a much longer period. So, in order to be able to make those sorts of investments, you really have to feel like you are operating in a predictable and stable environment.
“Money is like water,” Humphrey said. “It goes where it is easy, and if you put something in its way, it just flows somewhere else.”
The meeting ends Wednesday.
