{"id":79052,"date":"2024-10-21T14:17:00","date_gmt":"2024-10-21T14:17:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/gawaxab-managing-climate-induced-inflation-requires-balancing-act"},"modified":"2024-10-21T14:17:00","modified_gmt":"2024-10-21T14:17:00","slug":"gawaxab-managing-climate-induced-inflation-requires-balancing-act","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/gawaxab-managing-climate-induced-inflation-requires-balancing-act","title":{"rendered":"!Gawaxab: Managing\u00a0climate-induced inflation requires balancing act"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Managing climate-induced inflation requires a fine balancing act, especially when coupled with high unemployment and weak economic conditions, Bank of Namibia governor Johannes !Gawaxab has said.<\/p>\n

He was speaking at the launch of Namibia\u2019s first broad-based sustainability framework for the financial system in Windhoek last Thursday.<\/p>\n

He said the climate crisis affects food security and agricultural productivity.<\/p>\n

It causes severe damage to homes and critical infrastructure.<\/p>\n

\u201cThese disruptions are reminders that sustainability is no longer a choice, but a necessity,\u201d the governor said.<\/p>\n

He noted that in Namibia, droughts have driven up food prices, exacerbating inflationary pressures, and further affecting the poor and vulnerable members of society.<\/p>\n

!Gawaxab stated that climate change has far-reaching implications \u2013 not just for the environment, but also for economic stability.<\/p>\n

He noted that it affects the monetary policy decisions of central banks, influencing the financial stability of the banking and non-banking financial sector, and threatening economic performance.<\/p>\n

In 2023 alone, global damage from natural catastrophes surged to a staggering US$280 billion, a figure that has more than doubled over the past two decades.<\/p>\n

\u201cAs we face the dual pressures of environmental degradation and associated economic instability, it is imperative that we, as custodians of the financial system, integrate sustainability at every level. It is only through a concerted effort that we can mitigate the economic risks posed by climate change, while simultaneously seizing the opportunities for sustainable growth,\u201d he said.<\/p>\n

He added that global inequality remains challenging.<\/p>\n

A recent report by Oxfam states that since 2020, the world\u2019s five richest men have more than doubled their wealth from US$405 billion to US$869 billion at an astonishing rate of U$S14 million per hour, while the poorer half of the global population owns just 2% of the world\u2019s wealth.<\/p>\n

!Gawaxab said if such trends persist, the world will have its first trillionaire within a decade, while poverty will not be eradicated for another 229 years.<\/p>\n

\u201cThis is clearly unsustainable. Although Namibia has made considerable progress, we still face deep inequalities as a nation. To navigate these megatrends, we cannot fold our hands and wait for external help. We need to take bold steps to reshape and reimagine the financial system and, indeed, the broader economy, working to align it to our national goals of sustainability, and build the necessary resilience in the face of such threats,\u201d he urged.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Managing climate-induced inflation requires a fine balancing act, especially when coupled with high unemployment and weak economic conditions, Bank of Namibia governor Johannes !Gawaxab has said. He was speaking at the launch of Namibia\u2019s first broad-based sustainability framework for the financial system in Windhoek last Thursday. 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