IMG_0741Given its world class renewable resources and proximity to the ocean, Namibia is well placed to become a subSaharan powerhouse with dynamic green and blue economies. The potential for green electricity production in Namibia is many times the country’s domestic electricity consumption. The solar resource is one of the world’s best and wind resource is also excellent . Namibia aims to become the first Zero Emission country in Africa, playing a vital role in fighting climate change while at the same time harnessing concessionary funding, making the most of the multi generationally low cost of capital that is currently available in the global capital markets.
Namibia has a promising track record in sourcing climate change related funding and to date, Namibia has secured about US$437.3million from the Green Climate Fund of which US$40 million was secured through the Environmental Investment Fund and about US$390 million through international accredited entities namely the Deutsche Bank, French Development Agency and the Development Bank of Southern Africa. In addition, Namibia was the first sub-Saharan country to issue an awardwinning green bond in 2018 through Bank Windhoek, to the value of N$66 million in close collaboration with the International Financing Corporation. Having recently joined the 14-member High Level Panel on Ocean Sustainability in 2018, Namibia is also well positioned to design and champion a sustainable “blue economy” which will play a central role in alleviating the multiple demands on the Namibian land resources and tackling climate change. A portfolio of green and blue projects will be developed in conjunction with local and international financial institutions and development partners and will be launched as an HPPII initiative by the Fourth quarter of the 2021/22 financial year. The same cluster will also work closely with the nonbanking financial institutions and development partners to explore the possibility of creating project bonds, green, blue and transition bonds to fund the said projects throughout the HPPII period.
