Elections

 

Namibia has called for the identification of gaps in financial support required since the adoption of the Paris Agreement in 2015.

President Hage Geingob says such a stock-taking exercise should also identify the financial support provided so far.

Dr. Geingob delivered the country's national statement during the World Climate Action Summit and high-level segment of COP 28, underway in Dubai.

Namibia's estimated cost for implementing its Nationally Determined Contributions is US$15 billion by 2030.

About 90% of this process is contingent on financial support from the Multilateral Funding Windows under the UNFCCC.

President Geingob says that, in line with this, Namibia established the world's first blended finance infrastructure fund, ready to receive climate financing to facilitate the necessary action.

"As we enter the Inaugural Global Stocktake, Namibia emphasises that the process should help us identify gaps in the financial support needed and the support that has been provided so far since the adoption of the Paris Agreement in 2015 to date. Solidarity, ambition, equity, and cooperation are essential if we are serious about fixing climate finance and placing livelihoods at the heart of climate action. Let us seize this moment at COP28 to avert a climate catastrophe."

Three years ago, Namibia announced its intention to leverage innovative financial tools to mobilise sustainable climate financing and the development of large-scale green hydrogen projects that would provide the world with clean energy.

"Today, as part of our efforts to build green industrial clusters in Namibia, we are developing more than nine hydrogen projects. To do so successfully, we must deploy more than US$20 billion to give future generations a fighting chance against a warming planet."

Meanwhile, UN Secretary-General Antonio Guterres challenged the G20 grouping to take the lead in reducing emissions, stressing that the world is miles away from the 2015 Paris Agreement.

The G20 accounts for more than 80% of the world's emissions, as Guterres appeals for a shift away from fossil fuels.

Debate on the national statements will continue during the World Climate Action Summit and high-level segment on Saturday.

So far, delegates have called for the Global Stocktake to set clear expectations for Nationally Determined Contributions, cover all greenhouse gases, and align with the below-1.5-degree Celsius limit.

-
Photo Credits
Namibian Presidency

Category

Author
Blanche Goreses