Namibia Secures Major Climate Investment for Green Hydrogen Development
Namibia has obtained $250 million in funding from the Climate Investment Funds to accelerate its green hydrogen projects and support the decarbonization of hard-to-abate industries. The substantial investment represents a significant step forward in the country’s ambitious green industrialization strategy.
The funding will be directed toward developing Namibia’s critical minerals and renewable energy value chains, integrating renewable energy sources into regional power pools, and strengthening institutional capacity for managing large-scale green energy projects. James Mnyupe, Head of the Namibia Green Hydrogen Program, explained that the investment will help de-risk early investments in green industries while promoting a just and inclusive transition aligned with the country’s development objectives.
The investment is part of CIF’s new $1 billion Industry Decarbonization Investment Program, which provides developing countries with financial and technical assistance to scale up technologies including green hydrogen, waste heat recovery, and the production of green steel, aluminum, and cement. Namibia joins six other countries in the program: South Africa, Egypt, Brazil, Mexico, Turkey, and Uzbekistan.
The program sets ambitious targets for industrial sector emissions reduction, aiming for a 20% decrease by 2030 and 93% by 2050 to meet global climate goals. Namibia’s participation underscores the country’s commitment to becoming a leader in green hydrogen production while contributing to global decarbonization efforts.
Source: EnergyCapitalPower.com
