- Region: Africa
- Energy and Natural Resources
- Environment
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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on December 2 a Memorandum of Understanding (MOU) with the Ministry of Finance and Public Enterprises of the Republic of Namibia (Minister: Iipumbu Shiimi), taking the opportunity of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) being held in the United Arab Emirates.
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Namibia announced its greenhouse gas (GHG) emissions reduction target of 91% (compared to BaU*1) by 2030 under its updated Nationally Determined Contributions (NDC) submitted to the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat in July 2021. Based on this target, the government promotes the further implementation of renewable energy as well as the development of hydrogen and ammonia-related projects. Namibia’s mining sector is also expected to expand through mining and the development of critical mineral resources, including significant rare earth metals.
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This MOU aims to support the development of environmental preservation projects in Namibia with the involvement of Japanese companies through exchanging information between JBIC and the Ministry of Finance and Public Enterprises of Namibia on the political and economic situations as well as on critical minerals-related and other potential projects committed toward environmental preservation, including the reduction of greenhouse gas emissions.
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As Japan’s policy-based financial institution, JBIC will continue to actively support the creation of business opportunities for Japanese companies in Africa while collaborating with the governments of other countries and overseas regional development finance institutions.
Note
- *1 Business as Usual: If the status quo is maintained without taking any reduction measures