By: Thoboloko Ntšonyane
MASERU
His Majesty King Letsie III has made an appeal to global leaders and investors to support the country’s green energy efforts at the recently concluded World Economic Forum (WEF) in Davos, Switzerland, the move that was widely publicised by the international media.
He emphasised Lesotho’s abundant natural resources, including sunlight, wind, and water, as key assets for developing solar, wind, and hydroelectric power projects. The King highlighted the transformative potential of renewable energy in diversifying Lesotho’s economy, which currently relies heavily on remittances from citizens working in South Africa.
The WEF is an international organisation known for hosting an annual meeting in Davos, Switzerland and brings together leaders from business, government, and other sectors to discuss global issues and find ways to improve the state of the world.
In his efforts to attract investment, King Letsie III has been promoting the His Majesty King Letsie III Just Energy Transition Fund, launched in February 2024. This fund aims to stimulate private investment in Lesotho’s renewable energy sector, with advisory support from UK-based Standard Chartered and South Africa’s Standard Bank Group.
The King underscored the urgency of securing catalytic funding to initiate these projects, especially in light of recent droughts that have severely impacted the nation’s agriculture and livestock, underscoring the pressing effects of climate change.
Lesotho’s current energy challenges, characterised by limited access to reliable power, and if not adequately addressed could hinder economic growth and business development. Transitioning to green energy is essential for enhancing energy security, reducing costs, and attracting investment.
King Letsie III embarked on a European tour last year, including visits to the United Kingdom and Nordic countries, to promote Lesotho’s renewable energy potential and seek investment.
His engagements aimed to position Lesotho as a viable destination for clean energy projects, leveraging its abundant solar and hydro resources. This strategic initiative, if successful, will not only address the nation’s energy needs but also aligns with global sustainability goals, potentially transforming Lesotho’s economic landscape.
During the WEF, King Letsie III engaged in discussions with prominent figures, including the presidents of South Africa and Botswana, Cyri Ramaphosa and Advocate Duma Boko respectively.
He also had an audience with the Prime Minister of Bhutan Tshering Tobgay as well as executives from mining conglomerate Anglo American and a Danish wind energy company. These meetings were part of a broader strategy to garner international support and investment for Lesotho’s renewable energy initiatives.
The King’s delegation was made of the Minister of Finance and Development Planning, Dr Retšelisitsoe Matlanyane and the Minister of Foreign Affairs and International Relations, Hon Lejone Mpotjoane and senior government officials
The 2025 WEF summit also addressed significant global economic and geopolitical issues. The discussions also focused on the concept of a “geopolitical recession,” characterised by increased global polarisation and diminished cooperation, which pose challenges to addressing major global issues.
The forum underscored the importance of collaborative efforts on matters such as cybercrime, pandemic preparedness, AI regulation, and climate change.
In the realm of business and finance, the summit highlighted the anticipated impact of U.S. deregulation under President Donald Trump’s administration, which is expected to drive mergers and industry consolidations. There was also significant focus on the integration of cryptocurrency into mainstream finance, given impending new U.S. regulations.
Also, discussions on artificial intelligence (AI) emphasised its potential to revolutionise the workforce, with a particular focus on the necessary infrastructure and data requirements to harness its benefits.
The energy sector was a focal point, with shifts anticipated due to U.S. policies aimed at boosting energy output and the country’s withdrawal from the Paris Climate Agreement. These developments have raised concerns about the future of global energy strategies and the commitment to addressing climate change.
The WEF 2025 summit provided a platform for leaders like King Letsie III to advocate for sustainable development initiatives, while also addressing broader economic and geopolitical challenges.
The discussions underscored the critical importance of global cooperation and investment in driving economic growth and addressing pressing issues such as climate change and technological advancement.