Hence forth, construction companies and firms in Namibia which seek funding to construct environmentally friendly buildings can now have their project plans certified by new software, thereby enabling them to access funding.
Here Is All You Need To Know
- Bank Windhoek, a commercial bank in Namibia and the International Finance Corporation (IFC), a member of the World Bank Group have teamed up to launch an ‘Excellence in Design for Greater Efficiencies’ (Edge) software which enables the certification of green projects and qualify them for funding under a green bond scheme in Namibia.
- A green building, also known as green construction or sustainable building, is the practice of creating structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life cycle.
- The software is developed and created by the IFC, a member of the World Bank Group.
How Namibian Construction Companies Or Developers Can Go About This
Interested Namibian companies can:
- VISIT the EDGE App on their mobile devices and LOG IN or SIGN UP.
- CHOOSE the building type for their projects.
- Fill in the Design tab with their details and click Save.
- Enter their selections on the Energy, Water, and Materials tabs.
- Click on the green Dashboard button on the EDGE platform.
- Select their subprojects and click Merge.
- Click on the Register Project button.
- View the certifier(s) and their respective pricing.
- Fill out the form and attach documentation, then click Submit.
- Expect a follow-up email from the certifier with next steps.
By using Edge software and obtaining the required certification, developers can submit their finance proposals to the bank for funding under the green bond when it meets international standards for building green.
After the software certification, to qualify for funding, third party certification is offered at a modest cost by Green Business Certification Inc in order to validate project achievement for financial and community stakeholders.
“As a free design tool, Edge presents hypothetical costs savings and payback periods for green building measures such as low-flow taps and solar connectors, helping developers and buildings make the business case for green building,” added Lenore Cairncross, who represents the green building lead for Africa at the IFC.
Projects will thus be considered as green projects if they achieve a 20% projected reduction in the use of energy, water and embodied energy in materials, compared to conventional buildings through Edge certification.
Ruan Bestbier, Bank Windhoek’s sales and sustainability analyst noted that the building certification system is introduced for emerging markets for clients and stakeholders in the construction industry who want to get funding through the green bond.
“Complementary Edge software tool for green buildings enables the user to determine the ideal technical solutions to reduce environmental impacts, while capturing upfront costs and projected operational savings within a local climate context. Within minutes, a building designer can determine the optimum combination of design strategies for the best return on investment,’’ Bestbier said.
The bank obtained additional sources of funding for its green lending activities by raising funds in the debt market through a local green bond issuance, of which the proceeds will be used solely to finance eligible green projects and assets throughout Namibia.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.