Bank of Namibia

10/18/2024 | Press release | Distributed by Public on 10/18/2024 01:33

BoN Hosts Thought Leadership on Innovation and Sustainability

BoN Hosts Thought Leadership on Innovation and Sustainability


18 October 2024 | Media Release

BANK OF NAMIBIA HOSTS THOUGHT LEADERSHIP EVENT ON LEVERAGING INNOVATION FOR GREEN FINANCE

The Bank of Namibia (BoN) took first steps toward integrating sustainability into the country's financial system by hosting a thought leadership event themed "Leveraging Innovation for Green Finance." The event, held in Windhoek, brought together senior figures from Namibia's financial sector, government and industry to discuss how innovative strategies can accelerate sustainable finance and help achieve Namibia's ambitious net-zero targets.

During the event, the Sustainability Framework was unveiled, a strategic document aimed at embedding sustainability into the entire financial system. The Framework, modelled after international best practices, is built on seven (7) key principles designed to guide financial institutions, regulators and policymakers in addressing climate-related risks while advancing low-carbon investment opportunities in the industry. It sets a clear vision for aligning Namibia's financial sector with global climate targets, positioning the country as a leader in sustainable finance across the Southern African region.

Governor Johannes !Gawaxab, who officiated the event, stressed the urgent need for sustainability to be integrated at every level of the financial system, noting it as essential for securing long-term economic resilience and stability. "Namibia faces significant challenges-climate change, economic pressures, and growing inequality-that demand we make sustainability a central priority. Our future financial sector resilience and long-term growth depend on how quickly we adapt," Governor !Gawaxab said. He further stated that the Sustainability Framework is not only an initiative but also a foundation for action, encouraging innovation and cross-sector collaboration to address these pressing issues.