WINDHOEK, June 7 (Xinhua) -- Namibia on Wednesday officially validated its carbon markets framework which will enable the country to participate in the international carbon market, a move that is expected to foster sustainable development in the country.
Speaking at the carbon market validation workshop, Namibia's Environmental Commissioner Timoteus Mufeti said the formal adoption of the framework sets out the requisite technical procedures for developing carbon market projects in the country under the Paris Agreement.
"Namibia recognizes that achieving the 2030 ambition of reducing national emissions requires all key stakeholders to work towards a low emissions future," said Mufeti, stressing this project is establishing a conducive and enabling environment for Namibia to pursue carbon market-based pricing options to allow for more stakeholders to participate in addressing climate change.
The project involved designing a national emissions trading scheme, developing a carbon markets framework and providing technical capacity building, Mufeti added.
Speaking at the same event, Resident Representative of the United Nations Development Programme to Namibia Alka Bhatia said the success of the carbon markets framework in Namibia will contribute to mitigating climate change and fostering sustainable development.
"It presents a unique opportunity to address multiple challenges simultaneously reducing greenhouse gas emissions, promoting clean technologies, creating employment opportunities and building climate resilience. By embracing this framework, we are taking concrete steps toward a more sustainable, equitable and prosperous future for all Namibians," she said.
