WINDHOEK, Sept. 9– Namibia on Wednesday called for innovative green financing to support industrialization, job creation and expanded electricity access as the country seeks to meet its development targets by 2030.
Speaking at the opening of the Second International Conference on Finance and Sustainable Business in Windhoek, Minister of Industries, Mines and Energy Modestus Amutse said green finance should go beyond funding environmentally friendly projects and help build the country’s productive capacity.
Under Namibia’s Sixth National Development Plan (NDP6), the country aims to achieve an economic growth rate of at least 7 percent and an employment rate of 75 percent by 2030. It also seeks to increase manufacturing’s contribution to gross domestic product from 10.6 percent to 18 percent and raise electricity access from 59.3 percent to 70 percent.
Amutse said achieving those targets would require a range of financing instruments, including grants, concessional and blended finance, guarantees and patient capital, tailored to projects at different stages of development.
“A just transition cannot end where creditworthiness ends,” he said, calling for financing models that can also reach rural households, informal businesses and other underserved groups.
Amutse said Namibia should also derive greater value from its critical mineral resources through domestic processing and beneficiation rather than remaining primarily a supplier of raw materials to global markets.
Developing mineral value chains would require coordinated investment in electricity, water, logistics, laboratories and specialized skills, as well as closer cooperation among authorities responsible for mining, energy, water, industrial policy and finance, he said.
He added that emerging sectors including green hydrogen, renewable energy and petroleum should contribute to skills development, infrastructure and broader economic diversification.
The two-day conference, hosted by the Namibia University of Science and Technology, brings together researchers, policymakers, industry experts and other stakeholders to discuss green finance and sustainable business models. (namibia daily News Xinhua)
