Namibia has unveiled carbon market project, a trading system in which carbon credits are sold and bought to reduce greenhouse gas emissions and reduce the impact of climate change.
Minister of environment, forestry and tourism Pohamba Shifeta said the project has come at the right time, when Namibia is also implementing its Nationally Determined Contributions (NDCs), which are also aimed at addressing climate change. NDCs are non-binding climate-related national plans highlighting climate-change mitigation, including climate-related targets for greenhouse emission reductions.
Carbon market project
The carbon market project is designed to create an enabling environment for all stakeholders to participate in the carbon markets in Namibia, adding that key sectors in which carbon credits can be traded in Namibia includes forestry, agriculture and the energy sector.
The project is being implemented by the United Nations Development Programme (UNDP) and funded by the Japanese government to the tune of US $1million. The project will run until March 2023.
According to the UNDP, carbon markets incentivise climate action by enabling countries to trade carbon credits generated by the reduction of greenhouse gasses. This can be done by switching from fossil fuels to renewable energy, or enhancing or conserving carbon stocks in a forest.
Engagement with the ministry to set up an emission registry unit linked to the current measurement reporting and verification (MRV) framework has been done, while national and international carbon market specialists have been recruited to prepare a detailed carbon market for Namibia, including the regulatory and legal review. In addition to this, targeted stakeholders have been consulted and engaged.
The Japanese ambassador to Namibia, Hisao Nishimaki, said the project is a response to the fight against climate change, and carbon market trading systems require countries to cooperate in the reduction of greenhouse gas emissions. In its updated national determined contributions, Namibia aims to reduce greenhouse gas emissions by 91% by 2030.
