"How Namibia is helping its most sustainable companies compete globally"

" How Namibia is helping its most sustainable companies compete globally \r\n\r\n \r\n\r\nThe world is well aware of the\u00a0 climate finance gap \u00a0\u2014 the gap between the $100 billion currently annually committed by donor countries and the $2.4 trillion needed per year to fund the climate transition.\r\n\r\n \r\n \r\n\r\nIdentifying solutions to mobilize capital is now vital and each part of society \u2014 particularly the private sector \u2014 has a role to play.\r\n\r\n \r\n \r\n\r\nIn Namibia, we know that many businesses are now under increasing pressure to green their supply chains and reduce emissions across their product lines. That\u2019s why the government has established the\u00a0 Namibia Sustainable Supplier Database \u00a0in partnership with the World Economic Forum.\r\n\r\n \r\n \r\n\r\nThe database platform is a searchable online tool of Namibian businesses. Investors and global firms looking to source from Namibia can view company details as well as their engagement with five sustainable development criteria.\r\n\r\n \r\n \r\n\r\nCompanies on the database indicate whether they have a corporate social responsibility (CSR) plan in place, whether they are working to reduce emissions or save energy, if any measures are taken on water saving or biodiversity conservation, compliance with Namibian labour laws and employee or community engagement.\r\n \r\n Namibia: Climate and growth in action \r\n\r\n \r\n \r\n\r\nNamibia has an ambitious climate target to reduce greenhouse gas (GHG) emissions by\u00a0 91% by 2030 \u00a0compared to a business-as-usual baseline over the 2015-2030 period. That means we must drive economic growth that is low-carbon, inclusive and sustainable.\r\n\r\n \r\n \r\n\r\nNamibia\u2019s commitment focuses particularly on clean energy technology, energy efficiency, reducing deforestation and transforming waste into compost and electricity. This is in line with the country\u2019s bold ambitions of becoming the sustainable energy capital of Africa.\r\n\r\n \r\n \r\n\r\nNamibia and other governments pursuing development and climate action in tandem need to translate climate action objectives into investment plans and facilitative actions.\r\n\r\n \r\n \r\n\r\nThe private sector needs to set its own targets and identify financial and capacity-building needs to deliver these. Public-private collaboration is vital so that the efforts of both sides catalyze greater impact.\r\n\r\n \r\n \r\n\r\nIt is essential to highlight businesses working towards sustainability objectives, so that supply chain partners and investors can reward these efforts. The Namibia Sustainable Supplier Database can help in this respect.\r\n \r\n Supply chain sustainability is key \r\n\r\n \r\n \r\n\r\nThe database is easy to navigate, and users can filter results based on specific criteria to connect with suppliers that best suit their needs. For Namibian businesses, it is an opportunity to showcase sustainability efforts in sectors like tourism, mining, and agriculture, where the country is an exporter, and to help position Namibia at the forefront of the green transition.\r\n\r\n \r\n \r\n\r\nMinerals account for approximately\u00a0 60% of Namibian exports , followed by farm and fish exports. Tourism contributes to\u00a0 6.9% of the country's GDP . These figures reinforce the importance of finding supply chain and investment partners interested in supporting our companies\u2019 sustainability efforts.\r\n\r\n \r\n \r\n\r\nBut sustainability is a journey \u2014 especially for many businesses in Namibia that are already facing other socioeconomic challenges. We are cognizant of the fact that not all of the entities on the database can meet all the sustainability criteria. We have created a green leaf status for those that meet three or more. For the others, we will share information on helpful programmes, which can increase their capacities in this area.\r\n\r\n \r\n \r\n How others can build a database \r\n\r\n \r\n \r\n\r\nOther countries can follow suit, replicating Namibia\u2019s success in building a sustainable supplier database.\r\n\r\n \r\n \r\n\r\nSupplier databases are a practical tool that investment promotion agencies can use to accelerate market entry by foreign firms. Through a\u00a0 guidebook on facilitating climate-related foreign direct investment \u00a0(FDI), and a pilot project in Cambodia, the World Economic Forum demonstrates how this tool can be used to attract foreign firms committed to investing sustainably.\r\n\r\n \r\n \r\n\r\nThe Namibia Investment Promotion and Development Board, along with over 100 other experts, participated in the development of the Forum\u2019s guidebook. Over the past six months, we have partnered with the Forum to build the Namibia Sustainable Supplier Database.\r\n\r\n \r\n \r\n\r\nThe efforts to build the database started with interviewing domestic companies on their sustainability strategies. From there, is was key to understand what information investors need around climate action, biodiversity and social justice, among other criteria.\r\n\r\n \r\n \r\n\r\nBuilding investment databases like this requires decision-making on many variables such as how detailed to make the sustainability criteria, thresholds for qualification, the supplier onboarding and review process, how to display information to users, among others.\r\n\r\n \r\n \r\n\r\nBut launching a database is a first step. It is essential that businesses cutting their emissions and growing in a sustainable manner are supported. Championing sustainable suppliers in this way is just one part of the wider global goal of closing the climate financing gap \u2014 but it is accessible for countries around the world, and can quickly benefit local enterprises, their employees and climate positive efforts.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n "

"How Namibia is helping its most sustainable companies compete globally"

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