…says Lesotho aims to turn natural resources into engines of economic development
Leemisa Thuseho
HIS Majesty King Letsie III has called for the urgent transformation of Lesotho’s natural resources, especially its abundant water, into engines of clean energy and sustainable economic growth.
Speaking at a recent high-level symposium in Japan, King Letsie III said the time has come for Lesotho to fully embrace the global shift toward renewable energy and turn its natural assets into catalysts for development.
The symposium, themed “Empowering Lesotho: Unlocking Finance to Drive the Energy Transition in a Landlocked Developing Country,” was co-hosted by the United Nations University (UNU) and the government of Lesotho through its embassy in Japan.
During the event, His Majesty officially launched the His Majesty King Letsie III Just Energy Transition Fund (HMKL III-JET Fund) – an innovative financing mechanism aimed at mobilising private capital for renewable energy development in Lesotho.
He said the fund is aimed at catalysing investment in solar, wind, and hydropower projects, with the goal of positioning Lesotho as a future energy exporter within the Southern Africa region.
His Majesty King Letsie III emphasised that it was high time Lesotho exploited the opportunities presented by the global energy transition imperatives, especially those driven by the 2015 Paris Agreement, a legally binding international treaty on climate change.
“We are at the turning point in Lesotho’s economic journey,” His Majesty said.
“We are now in a transition from the model of exporting labour towards a sustainable economy that is rooted in our own abundant resources, driven by the aspirations and talent of our people, and empowered by new renewable energy.
“As you have heard, we have launched the His Majesty King Letsie III Just Energy Transition Fund. This is not merely a fund, but a new way of thinking about development . . . it is a privately-led, government-supported model designed to attract both public and private investment to build new electricity generation capacity and unlock energy independence.”
His Majesty also said Lesotho’s economy had for a long time been dependent on South Africa’s mining industry but the country must now use the energy transition to chart a new path toward a self-reliant economy.
“Our ambition is to transition from an economy based on the export of labour to one that leverages our water, wind, and solar resources,” he said.
He called on all development and investment partners to join and support Lesotho in this historic endeavour.
On his part, the LNDC acting Chief Executive Officer, Molise Ramaili, said it was imperative for the corporation to support the HMKL III-JET Fund, as renewable energy has become central to development across the globe.
“We cannot leave Lesotho out of this conversation on renewable energy,” he said.
“Renewable energy is part of our strategic plan as LNDC. Again, Lesotho is part of the Paris Agreement and subscribes to the Sustainable Development Goal (SDG) 7, which advocates for affordable and clean energy.”
Advocate Ramaili said LNDC has ensured it had a pipeline of investment-ready projects, including those in renewable energy adding that the corporation is focused on agro-processing.
“We believe in agriculture, and agro-processing is a key contributor to growing the economy of our country. We have projects that are already packaged in agro-processing. We are working with our development finance partners in the region because we are part of the SADC Development Finance Resource Centre.”
The UNU Rector, Professor Tshilidzi Marwala, highlighted Lesotho’s remarkable natural endowments for renewable energy generation and underscored the importance of partnerships in helping the nation meet its ambitious development targets.
He said discussions during the symposium explored opportunities for Japanese public-private partnerships, the role of blended finance in de-risking renewable energy projects, and the role institutions such as UNU can play in bridging research, policy, and investment to advance climate-smart development across Africa.
