According to the Ministry of Environment and Tourism Namibia will join Rwanda as the only two African countries accredited by the Green Climate Fund (GCF) out of 116 applications.
This means that the institutions accredited, and in Namibia’s case, the Environmental Fund of Namibia, will act as channel through which the Fund will deploy its resources.
It also means that Namibia will be able to access grant funding totalling N$588 million or more to finance climate change mitigation strategies.
This offers Namibia an opportunity to build a climate-resilient economy.
The purpose of the GCF is to make a significant and ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change.
The Environmental Fund of Namibia (EIF) and the Rwandan Ministry of Natural Resources of Rwanda are among the 13 entities accredited last week, bringing the total to 20 agencies accredited by the Fund.
The Fund’s Executive Director, Héla Cheikhrou, said the GCF is building a vibrant network of partners. She said this was evident in the rising demand for an active GCF.
“Seven months ago we invited institutions for the first time to become partners with us. Today, close to 100 well-established institutions from around the world are working towards becoming GCF-accredited entities,” Cheikhrou said in a statement.
The Fund contributes to the achievement of the ultimate objective of the United Nations Framework Convention on Climate Change (UNFCCC) and promotes the paradigm shift towards low-emission and climate-resilient development pathways.
This it does by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impact of climate change.
Also, the Fund takes into account the needs of the developing countries particularly vulnerable to the adverse effects of climate change.
Environment and Tourism Minister Pohamba Shifeta yesterday said that the EIF had been working tirelessly for the past six months to join the GCF-accredited agencies.
He added that the EIF will become a key multilateral implementing agency to channel much-needed funding to the country.
“The process took into consideration a range of criteria including fiduciary standards, good governance, transparency, leadership, and excellent financial management systems, among others,” said Shifeta.
“The EIF has developed a succession strategy to access more than N$1 billion of grant funding from the GCF by the year 2018/19.”
He said the next step for Namibia is to develop bankable proposals, a process that is well under way.