Tanzania needs 20bn US dollars for climate change, but World Bank urges attention in financing gap

DAR ES SALAAM: THE World Bank has said that Tanzania needs nearly 20bn  US dollars to finance actions outlined in its climate change commitments, but only about a third of the required funding has identified sources.

World Bank Regional Director for Environment Anna Wellenstein made the statement on Monday in Dar es Salaam noting that the financing gap requires urgent attention, stressing that climate change should be treated primarily as a development agenda because of its direct link to economic growth and job creation.

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Ms Wellenstein said Tanzania has, however, established a strong policy foundation for advancing climate action, citing the Development Visions for Mainland Tanzania and Zanzibar, the National Adaptation Plan and the National Energy Compact as frameworks that can support further investment in climate-related initiatives.

“Recent reforms in climate governance, disaster risk management and the integration of climate-risk analysis into the financial sector have further strengthened Tanzania’s position in addressing climate change,” she said.

To close the financing gap, Ms Wellenstein said Tanzania needed greater discipline in three key areas, prioritising climate projects for funding, preparing high-quality and implementable projects, and matching financing mechanisms to specific project needs through a “fit-for-purpose” approach.