BON Joins Network for greening the Financial System (NGFS)

11 January 2024 | Media Release
  The Bank of Namibia is pleased to announce its membership in the esteemed Network for Greening the Financial System (NGFS), a group of central banks and prudential supervisory authorities committed to advancing environmental and climate risk management in the financial sector globally. As of 27 December 2023, the Bank of Namibia has been appointed as a plenary member, joining the ranks of 134 members and 21 observers within the network.

Namibia, being disproportionately vulnerable to the effects of climate change, recognises the critical importance of aligning its financial system with green principles. As a semi-arid country facing recurring drought challenges, the negative impacts on food security and underlying macroeconomic risks are profound. The Bank of Namibia is therefore poised to actively develop policies to support climate risk mitigation and adaptation activities within the financial sector while enhancing the resilience of the system.

Joining the Network for Greening the Financial System reinforces this commitment and will provide the tools, knowledge, and collaborative platform needed to accelerate progress toward a more sustainable future. The Bank is excited about the potential benefits of joining the NGFS and looks forward to contributing positively to this transformative initiative.