Namibia secures N$932 million to decarbonise industry
By the AFREEQUE newsroom, based on New Era
Illustrative image · Ömer Gülen · Pexels · Licence PexelsThe Green Climate Fund has approved N$932 million in catalytic financing for SDG Namibia One to support industrial decarbonisation projects. The package includes N$250 million for development and N$682 million for construction equity, according to Climate Fund Managers.
The Green Climate Fund (GCF) has approved N$932 million in catalytic financing for SDG Namibia One to support industrial decarbonisation in Namibia, Climate Fund Managers announced at a press conference in Windhoek. The financing includes N$250 million for the development tranche and N$682 million for the construction equity tranche.
SDG Namibia One has already supported the green hydrogen Hyphen project in the Kharas region, as well as the HyIron Oshivela, Zhero Molecules and Dâures Green Fertiliser projects in the Erongo region. The fund is involved in the production of green hydrogen, derivatives such as green ammonia and methanol, and the decarbonisation of hard-to-abate industries, according to Climate Fund Managers.
The GCF's regional director for Africa, Catherine Koffman, said the Southern African Industrial Decarbonization Facility is targeting a $1.2 billion programme in Namibia and South Africa. It is expected to finance 30 to 40 projects, install about 1.52 GW of renewable energy and avoid about 24.2 million tonnes of emissions, according to the GCF.
The approval brings the new financing announced for SDG Namibia One to N$932 million, in addition to N$749 million in existing financing commitments, according to Climate Fund Managers. Invest International, through its investment director Jeroen Plag, said the financing should accelerate the development of infrastructure and value chains needed for a low-emissions economy in southern Africa.
