In a move to support sustainable economic growth and combat climate change, the Bank of Namibia has officially become a member of the Network for Greening the Financial System (NGFS).

This network, composed of central banks and financial supervisors, aims to promote environmentally responsible management within the financial sector.

As of December 2023, the Bank of Namibia (BoN) was inducted as a plenary member, standing alongside 134 other members and 21 observers, to foster a collective response to meet the Paris Agreement's objectives.

The private and public sectors are urged to play their roles if Namibia is to reach the Nationally Determined Contributions to reduce carbon emissions by 89% to 91% by 2030.

As per the Paris Agreement on Climate Change, Namibia has committed to fulfilling its obligations to reduce greenhouse gas emissions.

In its 2015 and 2021 reports, Namibia acknowledged that it has limitations and lacks adequate capacity to properly account for the effects of its mitigating and adaptive measures.