Malawi has signed a K28 billion Solar Energy pact with the Global Energy Alliance for People and Planet (GEAPP). The signing event between Malawi Government and the Alliance took place on the sidelines of the COP27 World Leaders Climate Change Summit in Egypt.
Minister of Energy Ibrahim Matola signed the agreement in the presence of President Dr. Lazarus Chakwera.
Under the agreement, the Alliance will provide resources for the purchase of batteries to back up solar power in Malawi.
Dr. Chakwera in his remarks said the deal will help Malawi to have sustainable power on the grid so that during peak hours and at night, the batteries will provide reliable backup power.
Also related to efforts in attaining clean energy, Malawi says it will pursue voluntary carbon markets and carbon credit projects that not only drive emissions reduction but also raise resources.
Speaking at the launch of the Africa Carbon Markets Initiative (ACMI) President Chakwera said these interventions will help manage climate change-induced calamities that affect communities.
He qualified his sentiments with disturbing statistics that show that over 3.8 million rural Malawians need food assistance due to drought.
President Chakwera pointed out that, in managing the situation, his government has almost doubled its social protection initiative from 3.5 to 7 million households to ensure more people are assisted.
Also in attendance at the launch was Kenyan President William Ruto and other leaders.