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Environmental fund accesses N$3bn for climate change projects

February 28, 2023
Environmental fund accesses N$3bn for climate change projects

The Environmental Investment Fund (EIF) of Namibia, which recently celebrated a decade of existence, says it has accessed approximately N$3 billion through development partners to support adaptation and climate change initiatives in Namibia, since its inception.

Apart from the diverse financial accessibility, the fund currently oversees projects worth N$1.7 billion.

"The progress and results we have achieved in our quest for sustainable environmental management and climate change mitigation can be attributed to the robust planning frameworks we have implemented through the effective domestication of global commitments. The EIF started on a balance sheet of N$15 million, and ten years later we oversee a portfolio of projects worth N$1.7 billion," said EIF Chief Executive Officer, Benedict Libanda.

Libanda describes the journey as a rollercoaster, as it to date disbursed grants valued at more than N$535 million, and has ensured that more than 240,256 hectares (ha) of land are under conservation; whereas 71 grants have been approved for different environmental projects.

"The Fund further has created 44 natural resource-based enterprises in 23 constituencies, resulting in 950 employment opportunities, mostly rural-based. While the installation of at least 160 seasonal and retrofitted boreholes with solar panels is said to have benefitted more than 77,000 people, who now have access to potable water. We at the Fund are committed to rebuilding natural capital as a critical economic asset and source of public benefits, especially for poor and disadvantaged Namibians," he stated.

Other milestones are the development of a 40MW solar power plant. 36 students supported at undergraduate and postgraduate levels. 258 community-based and individual grants valued at more than N$580 million. Libanda also said, 238,000 people benefitted from livelihood diversification, as well as 123,000 small-scale farmers gaining access to fresh drinking water. In the same vein EIF generated N$6 million from various enterprises.

About 310 tonnes of cereals and horticultural products were also produced as a result of EIF interventions; "240,256 hectares of conservation land is protected, while 3,277 hectares under conservation agriculture (ripping service) is worked on." 

On the other hand, EIF Chairperson Titus Ndove said they will soon submit an Integrated Strategic Business Plan (ISBP) to the line ministries for approval for 2022/23 to 2026/27, of which the review process has commenced. He further announced that the financial year under review marks the last year of the current strategic business plan.

"I am proud to announce that 10 years after its establishment, the EIF is today one of the fastest growing green and climate financing institutions in Africa. I am confident that, through the EIF, we are on the right track towards improving the living standards of our people as a result of deliberate government interventions that put livelihoods at the centre of the development agenda and the overall attainment of the global commitment through the UN Sustainable Development Goals (SDGs)," stated Ndove.

"It goes without saying that the EIF’s accreditation by the Global Climate Fund (GCF) in 2016, as a direct access entity for country level programme delivery, played a significant role in the many achievements attained by the EIF over the last ten years."

Ndove further stated that, so far EIF as a consequence of the agreement, has raised more than N$640 million for climate action grants and readiness support from the GCF. The Fund does not merely finance “conservation activities.” It pursues a broader investment portfolio by providing economics, adds the chairperson.

"We are delighted that last year the EIF attained re-accreditation from the GCF. The re-accreditation for a further five-year period was awarded after the initial five-year period lapsed in June 2021." 

The Fund is an investment institution set up to provide funding sources for environmentally sound development in Namibia in a manner that complements programmes and actions of both the public and private sectors.

The Fund is further mandated to raise financial resources for direct investment in environmental protection and natural resource management activities and projects that support sustainable economic development. 

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Last modified on Wednesday, 01 March 2023 12:44
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