Financial sector unites for climate action
STAFF REPORTER
The NSFA is a voluntary, multi-stakeholder platform through which regulators, financial institutions, industry associations and government agencies will coordinate efforts to mainstream and champion sustainable finance. Its objectives include promoting sustainable finance across Namibia’s financial system, facilitating knowledge sharing and capacity building, and supporting Namibia’s climate adaptation and resilience goals.
Speaking at the launch, BoN Deputy Governor Ebson Uanguta emphasised the importance of initiatives designed to address systemic challenges.
“The Namibia Sustainable Finance Alliance represents a clear demonstration of the collective resolve of our institutions to address one of the most defining challenges of our time: embedding sustainability and climate resilience into the financial system.”
The NSFA agreed to focus its first year of work on two priority areas. The first is climate and nature risk assessment and management, which will involve developing tools, frameworks, and pilot projects to assess and disclose environmental risks, building on the Bank of Namibia’s recently issued Guidelines on Climate-Related Financial Risks and Disclosure Requirements.
The second is data and analytics, aimed at closing critical gaps by standardising definitions, strengthening climate disclosure practices, and exploring the creation of a shared national climate data repository.
“Namibia is at a crossroads. Our people have shown remarkable resilience, and now our financial system must complement that resilience with a robust strategy for sustainability. The costs of inaction are immense, but the benefits of a successful transition are national prosperity, stability, and a dignified future for all Namibians,” Uanguta said.
Institutions formally signing the Terms of Reference to establish the NSFA include the Bank of Namibia, the Namibia Financial Institutions Supervisory Authority, the Namibia Savings and Investment Association, the Bankers Association of Namibia, Bank BIC, Bank Windhoek, Letshego Holdings Namibia, and the Namibia Reinsurance Corporation.
The NSFA is a voluntary, multi-stakeholder platform through which regulators, financial institutions, industry associations and government agencies will coordinate efforts to mainstream and champion sustainable finance. Its objectives include promoting sustainable finance across Namibia’s financial system, facilitating knowledge sharing and capacity building, and supporting Namibia’s climate adaptation and resilience goals.
Speaking at the launch, BoN Deputy Governor Ebson Uanguta emphasised the importance of initiatives designed to address systemic challenges.
“The Namibia Sustainable Finance Alliance represents a clear demonstration of the collective resolve of our institutions to address one of the most defining challenges of our time: embedding sustainability and climate resilience into the financial system.”
The NSFA agreed to focus its first year of work on two priority areas. The first is climate and nature risk assessment and management, which will involve developing tools, frameworks, and pilot projects to assess and disclose environmental risks, building on the Bank of Namibia’s recently issued Guidelines on Climate-Related Financial Risks and Disclosure Requirements.
The second is data and analytics, aimed at closing critical gaps by standardising definitions, strengthening climate disclosure practices, and exploring the creation of a shared national climate data repository.
“Namibia is at a crossroads. Our people have shown remarkable resilience, and now our financial system must complement that resilience with a robust strategy for sustainability. The costs of inaction are immense, but the benefits of a successful transition are national prosperity, stability, and a dignified future for all Namibians,” Uanguta said.
Institutions formally signing the Terms of Reference to establish the NSFA include the Bank of Namibia, the Namibia Financial Institutions Supervisory Authority, the Namibia Savings and Investment Association, the Bankers Association of Namibia, Bank BIC, Bank Windhoek, Letshego Holdings Namibia, and the Namibia Reinsurance Corporation.
