Green Climate Fund Pours $140 Million Into Southern Africa’s Green Hydrogen and Factory Decarbonization Push
Climate Fund Managers has secured $140 million from the Green Climate Fund (GCF) for Climate Investor Three (CI3), backing industrial decarbonization and green hydrogen projects in South Africa and Namibia. Green hydrogen is hydrogen made with renewable electricity rather than fossil fuels.
The money will be deployed through the Southern African Industrial Decarbonization Facility, with the Development Bank of Southern Africa acting as the GCF’s Accredited Entity.
Of the total, $84 million will support the SA-H2 Fund in South Africa and $56 million will go to Namibia’s SDG Namibia One Fund. The Namibian allocation includes $15 million for early-stage project development and $41 million for construction equity.
The financing is designed to reduce project risks and draw in private investment toward CI3’s $1.2 billion fundraising target. The broader facility aims to finance 30 to 40 projects, install 1.52 gigawatts of renewable energy capacity and avoid an estimated 24.2 million tons of emissions.
Source: prospect-intel.com
