Namibia has secured $250 million in funding from the Climate Investment Funds (CIF) to boost green industrialization, focusing on green hydrogen projects and the decarbonization of hard-to-abate industrial sectors.
The financing will be used to develop value chains for critical minerals and clean energy, integrate renewable sources into regional power grids, and strengthen the country’s institutional capacity.
According to James Mnyupe, head of Namibia’s Green Hydrogen Program, “the funding will help reduce the risks of early investments in green industries and promote a just and inclusive transition.”
This transition aligns with Namibia’s Sixth National Development Plan and the Green Industrialization Strategy, which aim to transform the country’s industrial profile based on sustainable solutions.
CIF’s support is part of a new Industrial Decarbonization Investment Program, valued at $1 billion, targeting developing countries investing in green technologies. These include green hydrogen, waste heat recovery, and low-emission production of steel, aluminum, and cement — sectors where Namibia seeks to gain prominence.
Besides Namibia, the program includes six other countries: South Africa, Egypt, Brazil, Mexico, Turkey, and Uzbekistan, with the goal of reducing industrial emissions by 20% by 2030 and 93% by 2050.
Source: Energy Capital & Power
