Namibia signed an agreement with the Japan Bank of International Cooperation (JBIC) on the sidelines of the recent Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
Minister of finance and public enterprises Iipumbi Shiimi said the agreement is the culmination of work between the two countries to establish collaboration in the area of economic, environmental and social sustainability.
“Namibia has ambitions to decarbonise its own energy sector, but more importantly, to contribute to the countries of the world to reach net-zero targets.
“The relationship we are starting today is going to contribute to that. We are very happy to sign this memorandum of understanding between you and your bank,” he said.
The agreement will guide Namibia and Japan’s collaboration on the development of carbon-combatting projects and infrastructure.
Shiimi and Hayashi Nobumitsu, the governor of the JBIC, signed the agreement.
Nobumistu said Japan is committed to supporting Namibia’s aim to decarbonise, develop a green hydrogen industry, and benefit from its minerals.
“We are very impressed with the ambition Namibia has in terms of decarbonising. It needs a lot of investment, a lot of efforts, and a lot of change of behaviour by the people and industries.
“We support the Japanese business sector, and through that we want to support Namibia’s sound and sustainable development,” he said.
World leaders have also officially broken ground on a loss-and-damage fund at COP28.
The Environment Investment Fund (EIF) of Namibia in a press release said the high volume of pledges show the commitment of high carbon-emitting nations to help developing nations address the impacts of climate change on their territories.
“Within the first hour of this groundbreaking decision, pledges exceeding US$420 million flooded in, underlining an unprecedented commitment to compensate vulnerable countries facing the ravages of climate change,” the fund said.
On Thursday, nations pledged more than N$7,9 billion to this fund at the official opening of this year’s COP in Dubai.
The host country, the United Arab Emirates and Germany both pledged N$1,8 billion.
The United States pledged N$329 million and Japan pledged N$1,4 billion.
Most of the territories most vulnerable to climate change are also among the world’s poorest.
The loss-and-damage start-up fund will assist these nations to keep up with the rising costs of climate mitigation and adaptation efforts.
United Nations (UN) secretary general Antonio Guterres welcomed the operationalisation of the loss-and-damage fund.
“Today’s news on loss and damage gives this UN climate conference a running start. All governments and negotiators must use this momentum to deliver ambitious outcomes here in Dubai,” he said.
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