Namibia has expressed its interest to participate on the lucrative Carbon Market – a trading system through which countries may buy or sell units of greenhouse-gas emissions in an effort to meet their national limits on emissions.
According to Refinitiv’s analysts, Global Carbon Markets expanded by 164% in 2021 to US$851 billion.
“This has come at a time that the country is working toward achieving the 2030 climate control goal. The role of the private sector contributing to this ambition cannot be overemphasized, but it would require the provision of a conducive enabling environment in order for the emissions trading scheme to thrive,” said Minister of Environment, Forestry and Tourism Pohamba Shifeta on Monday during a joint seminar on the promotion of Carbon Markets in Namibia.
The country has been tasked with piloting and supporting the development of a regionwide applicable framework for Carbon Market Emissions trading system, a project which runs from March this to March 2023.
Japanese Ambassador to Namibia Hissao Nishimaki said the Asian country was advancing N$16,9 million in funding towards the promotion of Carbon Markets in Namibia.
“The promotion focuses on establishing the enabling environment for Namibia to pursue article 6 of the Paris Agreement governing Carbon Markets,” he said at the same event.
Nishimaki added that the Japanese government has committed U$200 million to be used to offset high food prices in Middle East and African countries, including Namibia.
“Half of this amount has already been disbursed last month through the World Food Programme. The donation was necessitated by Russia’s invasion of Ukraine which led to a hike of food prices,” said the Ambassador.
He said Japan was devising plans to assist with Namibia’s drought situation.
“It’s a major problem that is affecting the nation. Japan hopes to undertake this in consultation with the government and the United Nations Development Programme (UNDP) as it seeks to find ways on how to address the calamity,” Nishimaki said.
“Through experiences of the past and our state of the art technology to reduce greenhouse gases, Japan would like to provide assistance to other countries including Namibia. One of the targets of Net Zero is water conservation that is of great importance for Namibia in which many people are suffering from severe drought,” said the Japanese Ambassador .