RMB and Capricorn to join forces for COP28
Addressing climate change
COP is an annual meeting where countries that are parties to the United Nations Framework Convention on Climate Change (UNFCCC) gather.
RMB Namibia and Capricorn Group will join forces at the Conference of the Parties (COP28) in a panel discussion focusing on Innovative Finance for the Just Transition on Monday at the Namibian Pavilion in Dubai.The panel discussion will see specialists expand on their experience in pioneering innovative finance structures as well as highlight the opportunities in accessing different pools of capital to drive Africa and particularly Namibia’s energy ambitions. This includes the considerations Namibia will need to think about and how finance can achieve the dual goal of environmental and social sustainability.
"In the spirit of cooperation and shared responsibility, the collaboration between banks and accountable institutions in Namibia, stands as testament to our unwavering commitment to the ESG agenda. As we join forces, we affirm our dedication to sustainable practices, responsible finance, and a collective effort towards a greener and more inclusive future. Together, we want to contribute to the global dialogue at COP28, reinforcing the belief that meaningful partnerships are key to building a resilient and sustainable world for generations to come," says James Chapman, Executive Officer of Specialist Finance and Retail Banking Service at Bank Windhoek, a subsidiary of the Capricorn Group.
This panel discussion will include Nigel Beck, Head of Sustainable Finance and ESG, Rand Merchant Bank (RMB) in South Africa; James Chapman and Dr. Olufunso Somorin, Regional Principal Officer at the African Development Bank. The discussion will be moderated by Dr. Reem El Sherif, Strategy and Innovation Lead at RMB Namibia.
“Achieving the duality of climate and social goals is ever more important for emerging African countries like Namibia. Unconventional partnerships are a catalyst to achieve these dual goals,” Dr El Sherif highlights.
RMB Namibia’s greater ESG strategy as a division of the First Rand Namibia Group, acknowledges significant focus on the E (Environmental component) of ESG. However, RMB believes Namibia needs the social and governance aspects to be equally amplified and the learnings from COP28 will be the space to draw knowledge, assess and implement in the longer-term in the RMB context. This is part of RMB’s greater strategy to position their ESG and sustainability solutions expertise in Namibia and throughout Africa.
Additionally, RMB Namibia sponsored N$200 000 to the Ministry of Environment, Forestry and Tourism for the Namibian Pavilion at COP28.
COP is an annual meeting where countries that are parties to the United Nations Framework Convention on Climate Change (UNFCCC) gather to discuss and negotiate actions to address climate change. Each COP meeting is an opportunity for countries to showcase their commitment to climate action and to participate in global efforts to mitigate the impacts of climate change. COP28 will be hosted in the United Arab Emirates (UAE).
According to the European Commission press release from November 2022, Namibia signed a Memorandum of Understanding (MoU) with the European Union during COP27 to "ensure the development of a secure and sustainable supply of raw materials, refined materials and renewable hydrogen to support the green and digital transformation of the partners' economies."