Nedbank Namibia has invested N$350,000 towards the realization of the country’s goal of achieving self-sufficiency in the production of green hydrogen.
The funds will be allocated to urgently develop key skills and collaborative endeavors required as Namibia sets its sights on emerging as a leader in the green hydrogen economy.
The Minister of Mines and Energy, Tom Alweendo, said the collaborative partnership with Nedbank Namibia underscores the ministry’s mission, extending beyond individual interests and aligning with the government’s collective aspirations to attain self-sufficiency in green hydrogen production.
“This exemplifies Namibia’s unwavering dedication to position itself as a frontrunner among nations in becoming a global leader in renewable energy. The Green Hydrogen Project stands as a cornerstone of Namibia’s economic diversification and empowerment strategy, significantly influencing Namibia’s overall energy landscape,” he said.
The minister emphasized the significance of collaboration between the public and private sectors to bridge the skills and capacity gap within Namibia.
Meanwhile,Nedbank Namibia Managing Director, Martha Murorua, expressed the bank’s vested interest in environmental sustainability, having pioneered the establishment of the Go Green Fund 22 years ago.
“We firmly believe in the viability of the Green Hydrogen and Derivatives Strategy, which is why we are contributing these funds towards its ultimate realization. We will always support a program that positions our country as a global leader in a specific field.’ She further added, ‘The alignment between the government’s vision and private sector capabilities has the potential to create a robust framework for continued growth, ensuring Namibia’s global competitiveness. We recognize the significance of green hydrogen initiatives for our country’s economic growth,” she said.
With international partnerships and memoranda of understanding with countries such as the Netherlands, the European Union, Germany, and Japan, Namibia is well-positioned to establish a hub for attractive green hydrogen assets.
The development coincides with the Hyphen Hydrogen Energy project, which anticipates an investment of US$10 billion and serves as the initial phase in implementing the government’s strategy to establish a large-scale green hydrogen industry in Namibia.
During the construction phase, the Hyphen project is expected to generate up to 15,000 new jobs and 3,000 permanent jobs during its operational phase, with around 90% of these positions intended for Namibians.
Additionally, the Hyphen project aims for 30% local procurement of goods, services, and materials throughout both construction and operation. Among the largest green hydrogen initiatives globally, the Hyphen project will contribute to the decarbonization of Namibia’s energy systems while exporting green ammonia to international markets.
Hyphen’s objectives include achieving an annual production of one million tonnes of green ammonia by 2027, with plans to increase annual production to two million tonnes by 2029, thereby reducing 5-6 million tonnes of CO2 emissions annually. At full capacity, the project could produce 350,000 tonnes of green hydrogen each year.
Hyphen is a joint venture between Nicholas Holdings Limited and ENERTRAG, with the Namibian government holding a 24% equity stake in the project.