EIF celebrates 12 years of pioneering green finance
The Environmental Investment Fund of Namibia (EIF) is celebrating its 12th anniversary with a theme of "Empowering Innovation for a Sustainable Tomorrow" today (13 February).Established in 2001, the EIF has become one of Africa's leading green and climate financing institutions, responding to the global call for green financing. The theme emphasizes the EIF's commitment to fostering creativity and advancements for long-term environmental and social sustainability, encouraging innovative initiatives and strategies to address current and future challenges.
Since its inception, the EIF has made commendable impacts, disbursing grants exceeding N$2.3 billion, conserving over 240 256 hectares of land, creating more than 950 employment opportunities, and retrofitting 169 boreholes, providing portable drinking water to over 77 000 individuals. The EIF has attracted and mobilized over N$3.6 billion from multilateral and developmental institutions, showcasing substantial growth.
One notable initiative is the SDG Namibia One, spearheaded by the EIF in collaboration with the government. This transformative investment platform focused on green hydrogen, secured a €40 million grant from the Dutch government during COP27. The initiative aims to drive Namibia's energy transition and position the nation as a renewable energy hub, with plans to grow the fund to €1 billion.
The Green Impact Facility (GIF), operational since March 2023, serves as a catalyst for change by innovating through blended finance for SMEs. With N$72 million in capital, GIF has approved 95 loans, creating 533 jobs and financing projects in renewable energy, sustainable agriculture, and more.
The SUNREF initiative, a €45 million green credit line from the French Development Agency, catalyzed transformative changes in renewable energy, sustainable agriculture, and eco-friendly tourism. The EIF played a pivotal role in hosting the project's technical assistance facility.
Having secured accreditation from the Global Climate Fund (GCF) in 2016, the EIF acts as a direct access entity for country-level program delivery. Post-reaccreditation in 2022, the EIF aims to raise N$1.5 billion by 2026 through GCF, aligning with national development goals for a sustainable green economy.
Looking ahead, the EIF's future focus includes investing in nature, mobilizing financial resources for sustainable solutions, scaling up investment strategies, balancing financial returns with environmental impact, leveraging corporate investments for conservation, and aligning efforts with the Sustainable Development Goals. The EIF also aims to advocate for policy changes, utilize technology for sustainable development, empower communities, and promote inclusive financial systems.