MET creates platform for private sector to access climate adaptation fund

The Ministry of Environment and Tourism (MET) has created a platform that will allow the private sector to access funds for climate related investment from various international climate fund institutions such as the Green Climate Fund.

Speaking at the roadshow ceremony of the Climate Finance Facility (CFF) here on Thursday, Head of Multilateral Environmental Agreement in the ministry, PetrusMuteyauli said private sectors have the potential to overcome many climate related challenges, saying that however only the Environmental Investment Fund of Namibia (EIF) is accredited to access international fund earmarked for climate change mitigation.

Muteyauli said in 2017 MET signed a Memorandum of Understanding (MoU) with the Development Bank of Southern Africa (DBSA) on a N.dollars 2 billion project to assist Namibian based private companies that generate revenue from projects that are fighting climate change to access funding of high amounts through means of low interests rate loans.

He noted that MET does not promote loans for climate adaptation projects, however there are some projects that generating revenue and profit, therefore there are certain conditions for such companies to be assisted through low interest loans.

He added that the ministry has also embarked on a country document strategy and manual which will provide all activities and types of project that are eligible for funding's and the processes involved expected in March 2020.

Metayauli added that the ministry issues letters of no objection to projects that are fully aligned to the national aspirations, policies, laws and national development plans of Namibia to access funds through DBSA and the green climate fund.

The roadshow aim is to disseminate information about the facility and develop a pipeline of projects for possible funding in Namibia, he noted.

At same event, CFF member Jonathan First noted that they will focus on projects that are commercially viable but not bankable in the private sector without credit enhancement and related financial or development support.

CFF will finance clean energy projects, water projects that have climate benefits and other revenue-generating climate related projects, he added.

Source: Namibia Press Agency