Namibia has secured N$4.48 billion (US$250 million) through the Climate Investment Funds (CIF) to help reduce greenhouse gas emissions.
The country was selected out of 26 that applied worldwide for the US$1 billion CIF Industry Decarbonisation investment programme.
According to a statement issued by the Namibia Green Hydrogen Programme on Saturday, the country will now have to come up with a detailed plan for using the funds.
Programme head James Mnyupe says it is a milestone for the country, and the development of an investment plan will be aligned with the sixth National Development Plan.
“The CIF Industry Decarbonisation programme will enable us to demonstrate how concessional finance can derisk pioneering investments in green industries while ensuring the region’s transition is just, inclusive, and aligned with its developmental priorities,” he says.
Minister of finance Ericah Shafudah says the government will work with the private sector to ensure the country uses the funds to build a sustainable economy.
“We are excited to work closely with our private sector and our development partners to build future-proof industrial clusters that can deliver the sustainable growth, employment opportunities, and economic diversification we seek,” she says.
According to the statement, the country will be using the funds to kick-start “green industrialisation” by focusing on critical minerals, green hydrogen and renewable energy sources.
This means developing the entire process from extraction to production.
Additionally, the country wants to make its electricity supply more independent and secure by using more clean energy.
This means less reliance on fossil fuels and more power from renewable sources.
The country also plans to support regional clean energy by making shared electricity networks cleaner in southern Africa.
Ninety One chief sustainability officer Nazmeera Moolaat says Namibia’s selection shows there are big opportunities for developing countries in the clean energy industry.
“Namibia’s selection for the CIF programme shows just how big the opportunity is for emerging markets to lead in the move towards cleaner, more sustainable industries,” she says.
Namibia’s application, which was ranked third globally, was put together by the Namibia Green Hydrogen Programme in collaboration with Ninety One, a global investment company.
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