Green Finance

Green Finance

Introduction

The Securities and Exchange Commission (SEC) drives Zambia’s transition to a sustainable economy through market-enabling frameworks. Our Green Finance Unit executes three core mandates:

  1. Propose policies positioning Zambia as a preferred green investment destination and implement Pillar 3 strategies of the Capital Market Master Plan.
  2. Raise public/private sector awareness of green financing (e.g., green bonds) through market outreach and education.
  3. Facilitate capacity building and connect issuers, investors, and technical support providers.

“Our initiatives focus on climate disclosures, ESG standards and investor education to channel capital toward sustainable investments.”

Subsections

Regulations & Rulemaking

This section outlines the legislative and regulatory framework governing sustainable finance in Zambia. It includes national strategies, key policies and enacted legislation that establish the foundation for climate-aligned markets, green investment standard and environmental safeguards.

National policy on Climate Change_2016

National green growth strategy_ 2024-2030

National meteorology policy_2023

National Strategies and policy alignments

Acts

Act No. 7 for 2017_The Banking and Financial Services Act_ Green Loans

Act No. 4 for 2015_The Forest Act

Act No. 10 for 2007_The Biosafety Act

Act No. 12 for 2011_The Environmental Act

Act No. 18 for 2024_The Green Economy and Climate Change

Act No. 41 for 2016_The Securities Act_ Green bonds

Act No. 4 for 2015_The Forest Act _ Carbon Stock Management

Guidance and Interpretations

Here you will find technical guidelines and interpretive tools to support market compliance with sustainability standards. These resources clarify green finance taxonomies, eligible project categories and bond principles, helping issuers and investors navigate evolving ESG requirements. 

Note: Several frameworks are currently in development.

Guidelines

Municipal Bond Guidelines

Green Bond Guidelines

Social Bond Guidelines

Sustainability-Linked Bond guidelines

Gender Bond Guidelines

Interpretations

Appendix-I Eligible Green Project Categories as Per Green Bond Principle

Green Taxonomy_2025

Social Taxonomy_2025

Transition Taxanomy_2025

Reports & Publications

Explore research, impact assessments and market analyses related to Zambia’s green finance ecosystem. This collection includes annual sustainability reports from key stakeholders, studies on emerging environmental risks and summaries of industry engagement events.

Sustainability reporting

PwC Zambia_Sustainability_Report_2024

PwC Zambia_Sustainability_Report_2023

EY Zambia_Zambia_Report_2024

EY Zambia_Zambia_Report_2022

Other reports

CEC Renewable Limited_Green bond Annual Impact Report_2023

Study on Nature-related Financial Risks Zambia_2025

Public Statements

Access official communications, memoranda of understanding (MoUs) and regulatory circulars. These documents formalize partnerships, outline reporting frameworks and announce strategic directives for advancing sustainable capital markets.

MoU

ToR_UNCDF/SEC Zambia_Developing Zambia’s Domestic Capital Market to Spur Local Development_2023

Circular No. 4/2023_Adoption of sustainability standards and Integrated reporting framework

Green and Investible Projects

This section profiles sustainable projects actively preparing for capital market transactions. It bridges the gap between investors and impactful initiatives by showcasing pipeline opportunities in renewable energy, conservation and climate resilience,  accelerating the actualization of green bonds, sustainable equities and other market-based financing solutions across Zambia.

Green Finance Mainstream Working Group

This subsection details the tripartite initiative (BoZ, PIA, SEC) established to integrate sustainability across Zambia’s financial sector. Discover how the GFMWG coordinates policy frameworks, green product standards, and risk management approaches to transform Zambia into a regional hub for climate-aligned capital markets. Resources include joint work plans, regulatory alignment reports, and implementation roadmaps.

Green Finance Market Engagement Event

GFMWG Newsletter - 1st Edition

Capacity building and Technical Assistance.

Access training programs, toolkits and matchmaking services designed to operationalize Zambia’s sustainable finance ambitions. This subsection facilitates direct connections between issuers, investors and technical experts while building competencies for structuring green bonds, conducting ESG due diligence and navigating climate disclosure requirements, accelerating real-world implementation of green projects.