The Environmental Investment Fund of Namibia (EIF) aims to raise N$1.5 billion by 2026 through the Green Climate Fund, following its re-accreditation to the body for another five years.
“This type of funding will be used to create new much-needed industries that will support economic growth in areas such as rural development; renewable energy; water management; environmentally sound waste management systems; sustainable agriculture; recycling; green technology industries; ecosystem-based businesses; environmental research, training, bursaries, and scholarships; and green value chains in the manufacturing sector,” EIF’s Head of Communications and Corporate Services Lot Ndamanomhata said.
“The re-accreditation and signing of the accreditation master agreement means that the EIF of Namibia is officially recognised as having the globally recognised standards, competence, and governance systems to access the financial resources of the GCF. The re-accreditation assessment process took into consideration the fiduciary standards, good governance, transparency, leadership, risk management, Environment and Social Governance (ESG) system, and financial management systems of the EIF of Namibia and all other applying institutions.”
The EIF was initially accredited by the GCF in 2016 as a Direct Access Entity for country level programme delivery and to date has raised more than N$640 million for Climate Action Grants and Readiness Support.
“As a result of the signing of the re-accreditation that was attained last year, the Fund has already started with legal instrument for re-accreditation that led to the Accreditation Master Agreement being signed and the EIF has also since began with project development for submission to the GCF. The projects to be developed by the EIF are in line with the priorities identified under the 2021 updated National Determined Contribution. The Ministry of Environment, Forestry and Tourism being the National Designated Authority to the GCF provides guidance and support during the project preparation and no objections on the proposed proposals to the GCF,” he said.
“The EIF is well positioned to steer the country towards realising the national development goals and eventually achieve a green economy that is sustainable. However, the institution requires additional
support to further build its capacity that will enable it to access additional grant funding for Nambia. The re-accreditation of the EIF to GCF is an important step in this process.”
Ndamanomhata said the EIF has utilised accessed funds for Climate Resilient Agriculture in three of the Vulnerable Extreme northern crop-growing regions (CRAVE) Project.
“The project aims to reduce climate vulnerability, increase the adaptive capacity and resilience of vulnerable small-scale farming communities in vulnerable extreme northern crop-producing regions that are threatened by climate variability and change,” he said.
