Climate Change reduces GDP

Finance Minister Alexander Chikwanda says the negative effects of climate change in Zambia has resulted in the reduction of Gross Domestic Product (GDP) from 7.5 percent to five percent.

Mr. Chikwanda said this would mean reduction in Government spending and a decline in poverty reduction efforts.

He said it was for this reason that climate change actions should no longer be restricted to preserving the environment for future generations but also for the current generation.

Mr. Chikwanda said the outcome of the historical Green Climate Fund (GFC) board meeting taking place in Livingstone will either enhance or defeat the potential for long term efforts to reduce the global temperature by 1.5 percent.

He was speaking in Livingstone on Monday during a dinner hosted by the Zambian government for GCF board members.

And Peru’s Vice Minister of Environment Gabriel Quijandria and co-chair of the GCF said the global community needed to change its approach to the fight against climate change by becoming more proactive.

Meanwhile, a representative of the developed countries and co-chair of the GCF Henrik Harboe said developed countries have pledged US$ 10 billion which should be turned into sustainable climate change projects.