Kelp Blue has won the Zayed Sustainability Prize in the inaugural Climate Action category, which carries a $11.2 million (US$600,000) prize.
The winners were announced at the Zayed Sustainability Prize awards ceremony on Friday, at an event attended by numerous heads of delegations, ministers, senior government officials, at COP28 UAE in the Expo City of Dubai.
“We could not be more thrilled and honored to be recognized for our commitment to and impact we are having on combating climate change by boosting ocean health & sequestering Carbon. We’re humbled to stand alongside remarkable finalists like CarbonCure Technologies and the Foundation for Amazon Sustainability, both contributing significantly to sustainable solutions in concrete production and Amazon conservation,” the Luderitz-based start-up said.
Kelp Blue, according to the organizers, was awarded the Prize for its efforts to cultivate large-scale kelp forests in deep waters, contributing to the restoration of ocean biodiversity, capturing 100,000 tonnes of CO2 from the atmosphere annually, while generating job opportunities in coastal communities.
“This project is a demonstration of the potential of Namibia’s Blue Economy as articulated by HPPII Goal 3 of the economic advancement pillar. Kelp Blue will now look to use the same innovative financial tools the President advocated for, to raise up to N$4 billion in blue bonds, a first for the African Continent. The Government of the Republic of Namibia is extremely proud of Kelp Blue for their efforts and for choosing Namibia as a safe destination for their capital,” Presidential Economic Advisor James Mnyupe said.
This comes as Kelp Blue, in pursuit of its goals, aims to raise capital in equity and debt funding to support the commercial development of the world’s first large-scale kelp farm in Namibia.
Kelp Blue harvests cultivated kelp from the seaweed canopy, processing it at the new plant in Luderitz to create alternative agri-food, bio-stimulant, and textile products.
The firm is actively developing a range of products based on Macrocystis, including agri-feed designed to enhance animal productivity and digestibility.
