Celebrating Earth Day by Using Less Plastic

Namibia has one of the most pristine environments protected by its laws.

The country’s commitment to ecological preservation has made it a tourist destination and an economic sector employing many Namibians.

This further incentivises locals to preserve the integrity of the land and wildlife, especially those within the protected conservancy areas.

In its 54th year, World Earth Day, observed on 22 April, advocates and encourages environmental stewardship to protect the environment from pollution, habitat destruction and deforestation.

This year’s theme is ‘Earth vs Plastics’.

REDUCING WASTE

Waste is a primary environmental concern globally, especially non-degradable products such as plastics, a significant innovation that makes life easy in terms of packaging, insulation, medical applications and prostheses.

Its various products have ensured that many have access to affordable and essential necessities. While plastic has many valuable applications, the issue lies with single-use, disposable plastic items such as plastic bags, disposable cutlery and fast-food containers. These items are becoming a significant concern on earth, which houses a population of eight billion people.

Beyond its solid waste issue, microplastics are now becoming a great concern, which involve any plastic particles smaller than 5mm. The full extent of microplastics is yet to be understood. However, the accumulation of waste of this size in the environment would likely have a negative impact, especially when it enters the food chain.

Numerous scientific studies are already detecting microplastics in water bodies and drinking water across the globe.
There is an interconnectedness and balance between the environment, society and the economy.

Ensuring all these spheres are in a perpetual optimal state is crucial for us right now and for future generations. The Sustainable Development Goals (SDGs) 6, 12, 13 and 14 all draw reference to reducing pollution in various forms, with plastic being one of those pollutants of great concern.

Promoting recycling and circular economies would ultimately lead to the reduced use of plastic.

To achieve these goals and other SDG-related goals, members of the international community have made efforts to direct finances towards projects aiming to create an impact in these areas, therefore cultivating green, sustainable economies.

FINANCING PROJECTS

As a Namibian bank, Bank Windhoek’s mandate is linked to ensuring funding is directed towards projects and initiatives incorporating environmental and social considerations.

One example of implementing this mandate is through the bank’s sustainability loan product, earmarked explicitly for financing projects or initiatives with environmental or social benefits.

Being an active participant within the sustainability niche, we can highlight a few projects and initiatives observed to be doing great work in reducing waste, explicitly linking to the issue of plastic:

1. Rent-A-Drum: This company within the Namibian recycling sector has excellent growth potential.
2. Wapa Nawa Recycling Centre is a promising project that transforms waste plastic into building material while creating income streams for many women within their communities.
3. The Namibian government’s environmental levy on carry bags has drastically changed how Namibians shop, moving towards more sustainable, long-term carry bags.

These are a few examples of many that tackle the issues of plastic waste in the environment. Through these combined efforts, we can maintain the pristine environment we have today.

How can we expand on what is being done? By creating avenues for more innovation, or scaling up the initiatives already on the ground making a difference.

Blended finance is one of the solutions that can be leveraged to mobilise private and public sector resources to address the key risk elements that are usually associated with projects or initiatives that focus on creating environmental and social impact.

Transitioning to alternative material with the same versatility as single-use plastic will require innovation and investments that the private sector may only be able to support once scalability is realised.

This is where public sector funding will be critical in creating an enabling environment for attracting private sector funding to scale these projects or initiatives. To achieve true sustainability of these projects or initiatives, an economic element that speaks to the conditions on the ground is critical, as this would incentivise the private sector as there would be a return, and society is being provided with affordable vital services.

As a bank that focuses on creating sustainable value in its communities, Bank Windhoek will continue to advocate collective action to ensure that environmental, societal and economic considerations are prioritised.

Recognising this is key to creating a sustainable economy that meets our current and future needs.

Through awareness, we can spark conversations that hopefully yield great ideas and connections for collaborations that would solve issues we have as a developing nation.

Happy World Earth Day.

• Joachim Komeheke is Bank Windhoek’s sustainable finance, environmental, social and governance analyst.