Namibia Secures $250 Million for Green Hydrogen Projects and Decarbonization
Key Ideas
- Namibia secures $250 million from CIF to accelerate green hydrogen projects and decarbonize hard-to-abate industries.
- Funding will be used to develop critical minerals, integrate renewables into regional power pools, and strengthen institutional capacity.
- The funding aligns with Namibia's Sixth National Development Plan and Green Industrialization Strategy, promoting a just, inclusive transition.
- CIF aims to reduce industrial sector emissions by 20% by 2030 and 93% by 2050 across seven developing countries.
Namibia has successfully secured $250 million from the Climate Investment Funds (CIF) to expedite green hydrogen projects and the decarbonization of challenging industries. The country plans to utilize the funding to enhance its critical minerals and renewable energy value chains, incorporate renewables into regional power pools, and bolster institutional capacity. This initiative, led by James Mnyupe, Head of the Namibia Green Hydrogen Program, aims to reduce investment risks in green industries and facilitate a fair and inclusive transition consistent with Namibia's Sixth National Development Plan and Green Industrialization Strategy. The funding is part of CIF's $1 billion Industry Decarbonization Investment Program, which supports developing nations in scaling up technologies like green hydrogen, waste heat recovery, green steel, aluminum, and cement production. Besides Namibia, other shortlisted countries for the program include South Africa, Egypt, Brazil, Mexico, Turkey, and Uzbekistan. The ultimate goal of the program is to achieve a 20% reduction in industrial sector emissions by 2030 and a 93% decrease by 2050 to meet global climate objectives.
Topics
Africa
Investing
Renewable Energy
Sustainability
Funding
Economic Development
Decarbonization
Industrial Sector
Climate Finance
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