BoN and RMB Unite for Resilience (FOCUS!!!!!!)
Namibia’s financial sector is approaching a defining crossroads. Shaped by acute climate vulnerability and the emergence of transformative economic opportunities, the nation is awakening to a critical reality: the financial system must evolve to survive.
It was against this backdrop that the Bank of Namibia (BoN) and RMB co-hosted the Namibia Sustainable Finance Alliance (NSFA) gathering on 27 March 2025. The event convened industry leaders, policymakers, and practitioners to address the pressing challenge of mobilising climate finance at the speed the crisis demands.
The NSFA, launched in October 2025, is a voluntary, multi-stakeholder platform led by the BoN. Its mission is to unite regulators and financial institutions under a common purpose: embedding climate resilience into the national financial grid and advancing green bonds and sustainable investment frameworks across the economy.
The core of modern risk
In her opening remarks, Teresa Louw, chief risk fficer of FirstRand Namibia, underscored the necessity of this collaboration. She noted that these forums matter because they convene diverse expertise to tackle challenges that no single organisation can address alone. Louw emphasised that sustainability considerations are no longer peripheral; they now sit at the heart of risk assessment and capital allocation. Climate risk and social inequality are no longer just ethical concerns, but central drivers of credit quality.
Leonie Dunn, deputy governor of the BoN, echoed this sentiment in her keynote address. She observed that institutions are now being called upon to think more deeply about long-term value creation. As one of the most climate-vulnerable countries globally, Dunn noted that Namibians understand through lived experience the economic impacts of a warming planet, which directly affect productivity and livelihoods across the economy. While she highlighted the promise of Namibia’s new energy and industrialisation phase, she cautioned that these developments place immense demands on the financial system to manage risk effectively.
The funding chasm
Louise Brown of Triple Capital highlighted a sobering disparity between current capital flows and the actual need for climate finance in Africa. She noted that while mitigation projects often attract interest, adaptation remains severely underserved. Adaptation projects, such as drought-resistant infrastructure, often have longer lead times and less immediate commercial appeal. However, Brown argued that these projects are essential for preventing future catastrophic losses, presenting a major untapped opportunity for the private sector.
Tshepo Ntsane, RMB sustainable finance and ESG advisory transactor, shifted the focus to the specific role of transition finance. He explained that transition finance allows capital to flow into hard-to-abate sectors that are not yet green but are committed to decarbonising.
This is critical for Namibia, where shifting away from carbon-intensive activities is an economic imperative. The scale of the challenge is significant: to implement its climate goals, Namibia requires US$15 billion by 2030, yet only about US$1.5 billion is likely to be sourced domestically. This 90% gap means the country must build the institutional credibility and frameworks necessary to give international capital providers the confidence to commit at scale.
From barriers to bankability
A panel discussion moderated by Naufiku Hamunime, deputy director of corporate communications and sustainability at the BoN, explored the bankability bottleneck. Hamunime noted that the real work lies in building the conditions that allow capital to flow with confidence. Erich Gariseb of NAMFISA argued that climate change must be viewed as a systemic risk to financial stability, requiring a collective regulatory response.
Petrus Muteyauli of the ministry of environment offered a pragmatic perspective, noting that because many adaptation projects yield social rather than financial returns, the government is pivotally seeking more grants rather than commercial loans for these initiatives.
Joachim Komeheke of Bank Windhoek pointed out that while irrigation projects have a clear business case, biodiversity projects struggle because they lack conventional revenue streams. He admitted that without the right blend of solutions, it remains difficult for banks to fund these types of projects.
Immanuel Kadhila, General Manager of the Government Institutions Pension Fund (GIPF), debunked the myth that institutional investors are reluctant to participate. He stated that there is no lack of willingness, but noted that pension funds require tangible pipelines, well-structured products, and proven cashflows. He called for climate finance to move from specialist circles into mainstream asset allocation.
The path ahead
For RMB Namibia and the Bank of Namibia, this event was a deliberate call to action. Namibia’s abundant wind and solar resources are strategic assets that can place the nation at the forefront of Africa’s resilience story. However, as the gathering concluded, the message was clear: ambition alone is insufficient. Progress demands the strengthening of regulatory foundations, the use of blended finance instruments, and a commitment to turning high-level dialogue into tangible outcomes. The work does not end with the dialogue; it begins with the implementation.
