President Hage Geingob said Namibia has established a world’s first blended finance infrastructure fund that is ready to receive climate financing ‘today’ to facilitate the necessary action.

Geingob was speaking at the High-Level Segment of the Twenty-Eighth Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai, United Arab Emirates on Friday.

According to Geingob, the sixth report of the Intergovernmental Panel on Climate Change identifies Namibia as one of the most vulnerable nations in sub-Saharan Africa, with rising temperatures, increased evaporation, and rainfall variability posing significant challenges.

Therefore, he said for a drought-prone country like Namibia, climate change stands as a formidable obstacle to achieving the Sustainable Development Goals.

Moreover, Geingob indicated that the estimated cost for implementing the country’s Nationally Determined Contributions is US.dollars 15 billion by 2030, with 90 per cent of it contingent on fina
ncial support from the Multilateral Funding Windows under the UNFCCC.

‘COP28 provides a platform for nations to strengthen partnerships, share knowledge, and collectively tackle the global challenges posed by climate change,’ he said.

He added that solidarity, ambition, equity and cooperation are essential if they are serious about fixing climate finance and placing livelihoods at the heart of climate action.

‘Let us seize this moment at COP28 to avert a climate catastrophe. Let us seize this moment by taking bold decisions that will protect our planet for generations to come,’ he added.

Further, Geingob stated that as part of the efforts to build green industrial clusters in Namibia, the country is developing more than nine hydrogen projects.

To do so successfully, he indicated that they must deploy more than US.dollars 20 billion to give future generations a fighting chance against a warming planet.

Source: Namibia Press Agency (NAMPA)