NAMIBIA needs about N$390 billion to fight the impacts of climate change, Minister of Environment and Tourism Pohamba Shifeta says.
Speaking at the signing of a memorandum of understanding between the ministry and the Development Bank of Southern Africa (DBSA) in Windhoek yesterday, Shifeta said climate change is recognised as one of the greatest global challenges.
Namibia is one of the most vulnerable countries facing the huge impacts of climate change.
He said the agreement with DBSA, an entity accredited with the Green Climate Fund, will mobilise financial resources needed to fully implement the nationally determined contributions to fight climate change.
"The MoU means we are now in a position to undertake the programming of transformative projects in the areas of food security, water, renewable energy and resilient infrastructure," Shifeta said.
He noted that with proper planning and the availability of financial resources and technical capacity, Namibia's commitment to reduce greenhouse gas emissions by 89% by 2030 is achievable.
Namibia has one of the most fertile grounds for renewable energy in the world, the best solar regimes with over 3 300 hours of sunshine per year, as well as 1 500 kilometres of coastline that has excellent potential for wind-based electricity generation.
With access to the financial assistance through DBSA, Shifeta said Namibia can come up with bankable transformative projects to fight climate change.
Speaking at the same occasion, DBSA group executive Mohale Rakgate said the partnership will allow access to funding as well as further support the implementation of identified projects in the fight against climate change.
The DBSA seeks to play a catalytic role in delivering developmental infrastructure in southern Africa and the rest of Africa. It aims to advance developmental impacts in the region by expanding access to finances and implementing sustainable development solutions.