GDA Advogados, VdA and Systemic Sphere organised a discussion on climate finance and climate risk management on 12 March in Maputo.

The event brought together stakeholders from the public, financial and insurance sectors to discuss the challenges and opportunities associated with mobilising climate finance in Mozambique. During the session, VdA, GDA Advogados and Systemic Sphere announced a partnership to provide integrated legal, technical and economic advisory services on environmental and climate matters, including climate finance and climate risk management, carbon markets, biodiversity and nature.

Against the backdrop of the National Climate Finance Strategy 2025–2034, the session featured Jadwiga Massinga, from the National Directorate for the Environment and Climate Change, who addressed the key challenges and priorities for the legal reforms required to ensure effective climate finance management.

She outlined the Mozambican context, marked by high vulnerability and limited capacity to adapt to climate change, and presented the current legal framework and ongoing reforms, including the National Climate Finance Strategy. The strategy aims to reorient the financial system to increase investment in climate and sustainable initiatives through regulation, incentives and institutional capacity-building. She also addressed climate commitments under the Paris Agreement and explored key financing mechanisms, such as carbon markets.

According to Jadwiga Massinga, the main priorities for the future include a comprehensive legislative review and harmonisation, the development of national financial mechanisms, institutional strengthening, and enhanced transparency and accountability.

The first roundtable, dedicated to 'Strengthening Access to Climate Finance: Actions and Instruments', featured Catarina Pinto Correia, Co-Head Partner of the Environment & Climate Change practice at VdA. Focusing on physical and transition risks in the Mozambican context, she highlighted the need to attract investment and scale innovative financing mechanisms, including private and international capital, as key drivers of change. She also addressed carbon, biodiversity and nature markets, as well as key international trends.

As noted by Catarina Pinto Correia, 'the path forward must involve contributions from all stakeholders, including national authorities, public bodies, multilateral organisations, bilateral cooperation, climate funds and private operators'.

The discussion, moderated by Lorna Guilande of GDA Advogados, also included contributions from Aristides Muhuate (National Fund for Sustainable Development), Florian Paffenholz (GIZ Mozambique), Jadwiga Massinga and Patricia Darsam (ABSA Bank).

The second roundtable, on 'Climate Risks and the Financial Sector: Challenges and Solutions', opened with a presentation by Sofia Santos, partner at Systemic, who analysed climate risk and Mozambique’s vulnerability factors. She also addressed the impact of rising temperatures and global responses, including the integration of climate risks into the prudential risk management of financial institutions, as well as the role of central banks and financial regulators.

Sofia Santos emphasised that 'climate risk is not theoretical for Mozambique — it is a present and financially material reality for the financial sector', highlighting its growing relevance for financial stability.

The session, moderated by Dimas Sinoia of Systemic, also featured contributions from José Gamito (BCI), Pedro Munhepe (Bank of Mozambique), Israel Muchena (Hollard Seguros), Simião Cossa (ISSM), and Benedito Murambire (Financial Sector Deepening Mozambique).

This event provided an important platform for dialogue on the integration of climate risks into risk management systems and on the role of the financial sector in addressing climate change challenges in Mozambique.