Malawi needs to develop technical expertise and robust governance systems to capitalise on emerging opportunities in global climate financing, economic and climate change experts have said.
The call follows the 29th United Nations Conference of Parties (CoP29)on Climate Change in Baku, Azerbaijan last week where delegates agreed to triple annual climate funding for developing countries, including Malawi from $100 billion (about K175 trillion) to $300 billion (about K525 trillion), with plans to increase the funding to $1.3 trillion by 2035.
Despite this commitment, the funding still falls short of the $1 trillion annually that low-income countries require to meet their climate adaptation needs, creating heightened competition for the limited resources.
Lilongwe University of Agriculture and Natural Resources senior lecturer Steven Makungwa, in an interview on Tuesday, stressed the need for Malawi to strengthen its capacity to secure and effectively utilise these funds.
He urged authorities to equip agencies with technical skills necessary to develop compelling proposals and manage international funding.
Said Makungwa: “These interventions could resolve persistent barriers that have hindered Malawi’s ability to access climate financing.
“These barriers include weak technical capacity, governance challenges, fragmented coordination and insufficient climate-related data.”
He said expanding energy sources through solar mini-grids and decentralised solutions can improve access in rural areas and reduce dependence on hydroelectric power.
“Renewable energy also provides economic benefits by lowering energy costs, supporting businesses, creating jobs, and cutting greenhouse gas emissions,” he said.
In a separate interview, Catholic University of Malawi economics lecturer Derrick Thomo said communities have to be involved in decision-making to ensure equitable and effective use of resources.
“Establishing systems to monitor expenditure and involving communities in decisions will ensure funds are used fairly and effectively,” he said.
The experts also noted that investment in renewable energy could provide a dual benefit for Malawi by addressing its energy crisis while improving climate resilience.
Currently, the country relies primarily on hydroelectric power, which is vulnerable to climate variability.
Malawi has already made some strides, with government partnerships supporting small-scale solar installations in rural areas.
However, experts warn that much remains to be done to scale these efforts.
Last week, the Climate Justice Network Africa urged African countries, including Malawi to prioritise transparency in commitments and agreements on carbon offset projects and climate-related issues.
The network said this would enable African countries to achieve financing and tax justice in line with global climate goals.
In a statement, Climate Justice Network Africa executive director Chenai Mukumba encouraged the countries to unite in reforming areas that can unlock revenue for climate finance.
This comes a month after Malawi earned K150 million from carbon credit trading through projects under the Green Development Mechanism and Reducing Emissions from Deforestation and Degradation programme.
Data from Ministry of Natural Resources and Climate Change shows that the funds were realised from the sale of about 75 000 carbon credits.
