13 Jul 2015 18:00pm
WINDHOEK, 13 JUL (NAMPA) The Green Climate Fund (GCF) has approved Namibias Environmental Investment Fund (EIF) as an accredited entity with grant funding of over N.dollars 588 million.
The GCF is a fund within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) founded as a mechanism to redistribute money from developed countries to developing countries in order to assist developing countries in adaptation and mitigation practices to counter climate change.
The Minister of Environment and Tourism Pohamba Shifeta said during a media briefing here on Monday that out of 116 institutions that applied for accreditation around the world, the fund has accredited only 20 so far. On the African continent, only Namibia and Rwanda were accredited.
This accreditation offers Namibia an opportunity to build a climate resilient economy that is transformative to sustain and grow our economy. Business as usual is no longer an option to Namibia.
We need to transform our economy to withhold the impacts of climate change for us to realise our Vision 2030, he stressed.
The EIF is well positioned to steer the country towards realising the countrys national development goals and eventually achieve a green economy that is sustainable, said Shifeta.
Over the past six months, the EIF has been working tirelessly to join the GCFs accredited agencies and to become a key multi-lateral implementing agency to channel much-needed funding to Namibia.
The process took into consideration a range of criteria, including fiduciary standards, good governance, transparency, leadership and excellent financial management systems.
Shifeta commended the EIF for demonstrating sufficient capacity in these areas and to be managed according to the highest international fiduciary standards.
An amount of about N.dollars 126 billion (about US dollars 10.2 billion) has been allocated for country programming this year. The GCF will support projects, programmes, policies and other activities in developing country parties using thematic funding windows that address the impact of climate change.
The EIF has developed a succession strategy to access more than N.dollars 1 billion of grant funding from the GCF by the year 2018/2019.
The EIF granted approval to accredited entities during the 10th meeting of the GCF Board last week in South Korea.
France will be hosting and presiding over the 21st Session of the Conference of the Parties to the UNFCCC (COP21/CMP11) as from 30 November to 11 December 2015 in Paris.