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Wednesday, May 29, 2024

ZIMRA on green financing

Story by Tichaona Kurewa

THE 5th day of the United Nations Economic Commission for Africa (UNECA) conference in Victoria Falls, witnessed a shift in focus with revenue authorities outlined as having a crucial role in financing a more sustainable future.

While green bonds and diaspora remittances have been in the spotlight, the conference emphasised the critical role of domestic resource mobilisation, with revenue authorities playing a key role in collecting taxes.

According to discussions on the 5th day of the conference, this vital source of domestic revenue can be directed towards green initiatives

“No country has developed with finance from outside or donor financing, this then makes it critical for revenue authorities to fill in the gap and raise the much needed capital for green financing,” said United Nations Economic Commission for Africa, Director Sub-Regional Office for Southern Africa, Ms Eunice Kamwendo.

Zimra, Commissioner General, Ms Regina Chinamasa also said, “Revenue authorities are committed to supporting the government’s green agenda. By ensuring efficient tax collection and exploring innovative green taxation schemes, we can contribute significantly to financing the transition to a green economy.”

The participation of revenue authorities at the UNECA Conference signifies a growing recognition of their vital role in financing Africa’s green future.

By implementing innovative strategies and fostering public trust, institutions can become key drivers of the continent’s journey towards sustainable development.

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