Namibia secures $56 million for green industry
By the AFREEQUE newsroom, based on Namibia Economist
Illustrative image · Jan van der Wolf · Pexels · Licence PexelsThe Green Climate Fund has approved $140 million in catalytic financing to support industrial decarbonisation, including $56 million for the SDG Namibia One fund. In Namibia, the resources will finance green hydrogen, ammonia and methanol, among other projects, according to Climate Fund Managers.
Climate Fund Managers has secured approval for $140 million in catalytic financing from the Green Climate Fund for Climate Investor Three, a global facility intended to finance industrial decarbonisation. Of this amount, $56 million will be allocated to SDG Namibia One, the Namibian fund dedicated to the energy transition, according to Climate Fund Managers and the Namibia Economist.
The sum earmarked for Namibia includes $15 million for project studies and development, as well as $41 million in equity needed for construction. The investments will cover green hydrogen production, green ammonia and methanol, and emissions reductions in hard-to-abate industries.
The financing is being provided under the Southern African Industrial Decarbonisation Facility, the Green Climate Fund’s first platform dedicated to low-carbon industrial value chains in Africa. The Development Bank of Southern Africa oversees the programme, while SDG Namibia One has signed development agreements with the Hyphen, HyIron Oshivela and Zhero Molecules projects in Walvis Bay, and Dâures.
