James Cleverly is set to unveil the new targets while on the first Foreign Secretary visit to Zambia in more than 30 years.
The Foreign Secretary will announce the expansion of the UK’s clean energy partnership with Zambia during a visit to the African country on Thursday.
James Cleverly is set to unveil new targets to drive green investment, which include up to £2.5 billion of British private sector investment in Zambia’s mining, minerals, and renewable energy sectors and up to £500 million in Government-backed investments.
The partnership will also aim to mobilise up to £150 million of private sector investment into small to medium-sized enterprises (SMEs).
The new targets will be delivered through the UK-Zambia Green Growth Compact, which was signed in 2021 and has already seen more than £78 million mobilised for Zambian SMEs.
In the first Foreign Secretary visit to Zambia in more than 30 years, Mr Cleverly will tour a copper mine and also sign a memorandum of understanding on critical minerals, such as copper, cobalt and other metals essential to the global clean energy transition.
The Foreign Secretary said: “Working together with our partners in Zambia, the UK is driving the clean energy transition.
“The UK-Zambia Green Growth Compact and our landmark agreement on critical minerals will support investment between UK and Zambian business, creating jobs in both countries, and improving environmental and social standards.
“Together we will build a stronger, greener, more prosperous future for both countries, which benefits us all.”
The Foreign Secretary also visited Nigeria and Ghana during his three-country, four-day African tour, where he reaffirmed the UK’s commitment to advance trade, investment, and green growth.