SMEs as catalysts for Namibia’s green industrial future

Namibia is at a critical point in its journey towards becoming a green industrialised nation. This transition presents a unique opportunity for small and medium-sized enterprises (SMEs) to assume a central role. As we fully embrace renewable energy and sustainable development, SMEs are uniquely positioned to drive innovation, form strategic partnerships, and propel economic growth. Why SMEs are the key players Frequently referred to as the lifeblood of an economy, SMEs are poised to become key architects of Namibia's green future amid the country’s transition to a sustainable economy. The agility allows scalable businesses to quickly adapt to changing market conditions, drive rapid innovation, and fill niche roles that larger corporations may overlook. Additionally, their deep understanding of local communities enables them to provide solutions specifically tailored to the unique needs of communities and projects. SMEs serve as engines of job creation, particularly in rural areas where employment opportunities are limited. They are vital to integrating the green energy supply chain by supplying essential goods, services, and technical expertise that larger companies depend on. In essence, SMEs bring a unique blend of innovation, local insight, and flexibility that is essential for Namibia's sustainable growth. Start, run and grow your business Namibia's transition to a greener economy presents a range of opportunities for SMEs: - Renewable energy solutions: SMEs can lead in providing on-the-ground services, from solar panel installation to wind turbine maintenance. - Energy efficiency consulting: There is significant potential for SMEs to help businesses, households and industries reduce their carbon footprint through energy audits, consulting and the implementation of energy-efficient technologies. - Green technology innovation: The market is primed for the development and commercialisation of new technologies such as energy storage, smart grids, and sustainable building materials by SMEs. - Supply chain partners: SMEs can become essential players in the green energy supply chain, offering everything from components and logistics to technical support.- Eco-friendly tourism: Leveraging Namibia's stunning landscapes, SMEs have the potential to pioneer sustainable tourism experiences that are both environmentally friendly and economically viable. To note but a few non-conventional investible industries for Namibian SMEs:- Solar panel manufacturing - Electrolyser manufacturing - Wind turbine manufacturing - Rare earth elements refinery - Flat glass production - Synthetic fuel production - Hot briquetted iron production Challenges to tackle Capturing these opportunities is not without challenge. Access to finance remains a hurdle for many SMEs seeking to invest in green technologies and infrastructure. A possible solution lies in the creation of dedicated green financing programmes and incentives by the government, endorsed and supported by financial institutions, aimed specifically at empowering SMEs to enter the green sector. Additionally, there is a pressing need to cultivate a skilled workforce that comprehends the intricacies of green energy technologies. This can be addressed through targeted training and educational programmes that equip local talent with the necessary skills. By addressing these challenges through strategic financing, education and innovation, SMEs can be better positioned to drive Namibia's green transition. We must ensure that we, as Namibians, champion our own destinies. Smart partnering and collaboration By partnering with financial institutions such as FNB Namibia, qualifying SME’s can gain access to additional funding and, furthermore, foster job creation within the country and stimulate economic growth. This financial support provided allows many businesses to optimise their operations to withstand the current economic pressures. At the same time, the innovation of FNB’s SME Score Credit system is designed to improve turnaround time when assisting SMEs with credit facilities. The SME Score Credit is a full-function product that introduces a new level of speed and efficiency to the credit application process. SME Score Credit has helped close to a thousand SMEs access credit and improve their creditworthiness. To fully unlock the potential of SMEs in Namibia's green transformation, a collaborative approach between government and the private sector remains crucial. The government is mandated to foster an enabling environment through targeted policies, incentives and improved access to financing. Simultaneously, the private sector can support SMEs through mentorship, partnerships, expanding market access and equal access to funding. Namibia's path to a green industrialised future is more than an aspiration; it is a call to action for SMEs stakeholders to be bold, innovative and unwavering. By leveraging their agility, local expertise and readiness to embrace new challenges, SMEs can serve as the cornerstone of Namibia's sustainable development. The opportunities are vast, but seizing them will require vision, collaboration and a steadfast commitment to building a greener, more prosperous future for all Namibians.*Dino Ballotti is FNB Namibia's head of business and public sector banking

SMEs as catalysts for Namibia’s green industrial future

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Allgemeine Zeitung 2024-11-22

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SMEs as catalysts for Namibia’s green industrial future

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Allgemeine Zeitung 2024-11-22

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