MEJN calls for integrated financing as climate change costs Malawi millions

Malawi’s economy is bleeding, and climate change is the culprit, the Malawi Economic Justice Network (MEJN) has sounded the alarm, revealing that climate-related disasters have led to a significant decline in growth, costing the country millions of kwachas in lost revenue.

Speaking on the sidelines of a budget review with members of Parliament (MPs) on Wednesday night, MEJN Executive Director Bertha Phiri observed that climate change effects have come to stay.

“We need to appreciate the damage and loss, and make a commitment to recurrent funding to mitigate its impact,” she said.

According to Phiri, Malawi’s agro-based economy has been hit hard, with droughts and other climate-related shocks affecting agricultural production and domestic resource mobilization.

The country’s growth projections have been consistently derailed, with last year’s growth rate plummeting to four percent from a projected six percent.

To build resilience, MEJN is advocating for a multi-prandial approach.

“We need clear-cut commitments in the budget for climate financing,” Phiri emphasizes. “It’s not just about emergency response, but about integrating climate financing into various sectors, including education and health.”

The call is echoed by Tiaone Hendry, Chairperson of the Parliamentary Committee on Natural Resources and Climate Change.

“As a committee, we will scrutinize the budget and lobby for an inclusive budget that prioritizes climate change issues,” said Hendry.

The numbers are stark. Climate change is costing Malawi dearly, and the impact is felt across sectors. But there’s hope. By integrating climate financing into the national budget and making recurrent commitments, Malawi can build resilience and mitigate the effects of climate change.

The time for action is now. As Phiri puts it, “We must lobby for a recurrent funding year in, year out, to address the impact of climate change.”

The future of Malawi’s economy depends on it.

 

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