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Through public-private collaboration and targeted economic diplomacy Namibia intends to mobilise N $ 22 billion to address the sustainable development goals and climate change, stated President Hage Geingob at the 78th Session of the United Nations General Assembly in New York.
Through public-private collaboration and targeted economic diplomacy Namibia intends to mobilise N $ 22 billion to address the sustainable development goals and climate change, stated President Hage Geingob at the 78th Session of the United Nations General Assembly in New York. This statement happened while reflecting on the Sustainable Development Summit of High-Level Dialogue on Mobilising Finance and Investments; and the Means of Implementation for SDG Achievement
The N$22.7-billion target, Geingob said, can be achieved through various innovative financial tools such as green bonds, sustainability bonds, grants, and official development assistance.
The country’s efforts to support domestic resource mobilisation have also been central to complementing the efforts of its partners to meet the development needs. Namibia will continue in its endeavours to scale up domestic resources as a means for financing the developmental agenda, further stated the President said. Namibia has identified unique opportunities that would address various sustainable development goals and climate change, including renewable energy, green hydrogen, the cultivation of carbon sequestering underwater kelp, sustainable water management, and clean synthetic fuel production.
The President also used the platform to appeal to international financing institutions such as the World Bank to augment their risk appetite by reviewing their capital adequacy ratios, to unlock more capital for lending to both lower and middle-income countries.
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“The call for the reform of the international financial architecture is to broaden opportunities to support development. Sustainable and predictable financing is the bedrock for all our development priorities and only when this is prioritised, can we put back on track our collective developmental ambitions,” stated President Geingob.
