Carbon markets project to address climate change launched
The promotion of carbon markets projects aimed at enhancing the implementation of the nationally determined contributions toward net-zero emission and climate-resilient development, in response to the climate emergency was launched on Monday in Windhoek.
The project is designed to establish the enabling environment for Namibia to pursue carbon market-based options to allow for more stakeholders to participate in addressing climate change, the Minister of Environment, Forestry, and Tourism (MEFT) Pohamba Shifeta said at the launch.
Shifeta said this will place Namibia in the lead among the sub-Sahara African countries to pilot and support the development of region-wide frameworks for Carbon Market mechanisms.
“Namibia presents a favorable environment for the implementation of carbon markets particularly in the agriculture, forestry, and energy sectors,” he said.
Speaking at the same event, UNDP Resident Representative, Alka Bhatia said by entering carbon markets, Namibia can advance its socio-economic development while transitioning to a low-carbon economy in a cost-effective way that puts a price on carbon, allows for carbon trading, and stimulates new market opportunities for the private sector as well.
However, Bhatia said, this will require Namibia to have robust policies, regulations, procedures, and appropriate institutional arrangements in place.
She said carbon projects can benefit the Namibian population through strengthened livelihoods and mitigation actions to boost inclusive green recovery from COVID-19.
According to Bhatia, UNDP in collaboration with the government is currently designing key building blocks for a Carbon Market trade in Namibia.
The project is being funded by the government of Japan which availed US$1 million and will be implemented through the UNDP, while MEFT is the executing partner.
