The United Nations Environment Programme Finance Initiative (UNEP FI) to explore ways to regulate sustainable financing has commenced on Tuesday in the capital.
The two-day event, co-organised with NamibRe, will convene UNEP FI member banks, insurers, policymakers and academia aiming to discuss sustainable financing, hear what the pressing issues are and find solutions.
Director of ceremonies and award-winning journalist and broadcaster, Denver Kisting, said the African and Middle East regions find themselves at a critically important crossroad of economic growth.
“In as much as we are excited about the prospects of such economic growth and development, we need to be cognisant of our behaviour and conduct in pursuit of such growth and development,” Kisting said.
Kisting noted that Africa doesn’t play a big role as far as global gas emissions are concerned, yet bears the brunt of it.
“One of the interventions is sustainable financing. It has the potential to unlock economic growth and potential we are yearning for and see to it that our planet and our people continue thriving,” Kisting added.
Also speaking at the event, Deputy Minister of Finance, Maureen Hinda-Mbuende noted the adoption of Sustainable Development Goals (SDGs) must be supported by massive financial investments.
“Despite the huge demand for finance, especially in the part of investments, there seem to be robust supply of development finance that is not being tapped into, especially with private sectors,” Hinda-Mbuende said.
She added that in 2020, global financial assets grew to US.dollars 469 trillion. At the same time, the SDG financing gap in developing countries was US.dollars 3.9 trillion, of which part of it was towards environmental, social and governance areas.
“This shows that there is adequate global finance for the SDGs, but what is missing is a global synchronised effort to align available capital,” the deputy minister said.
Hinda-Mbuende explained that sustainable financing matters for Namibians and Africans because it offers pathways toward a more resilient and sustainable future by directing financial resources towards environmental projects, which can negate the impact of climate change and protect ecosystems.
Liesel van Ast, the Deputy Head of UNEP FI, said to really accelerate action, what is needed is to see standardised corporate disclosures, sustainable finance frameworks and technical standards to help ensure transparency for better informed decisions, accountability and credibility in sustainable finance.
“While the journey to advance sustainable finance in Africa and the Middle East may seem daunting, it also brings immense opportunities. By transitioning to a sustainable financial system, we can help develop the skills and create the jobs, enhance resilience and help protect natural assets that we depend on,” Van Ast said.
Source: Namibia Press Agency