Namibia Hydrogen Fund Managers (Pty) Limited has secured a grant of nearly N$19.2 million (US$1 million) from the USAID Southern Africa Mobilising Investment project.
Green Hydrogen Commissioner James Mnyupe said the grant is historic, being the largest awarded outside South Africa, and thus he is hopeful it will bolster the SDG Namibia One Fund.
“The fund which is managed in collaboration with Climate Fund Managers and the Environmental Investment Fund of Namibia, the fund aims to catalyse green energy, water access, job creation, emission reduction, and sustainable economic growth, projecting a total fund value of US$1.15 billion” stated Mnyupe.
He revealed that the seven executives have been appointed to the Namibia Green Hydrogen Programme.
In the same vein, he said Hyphen Hydrogen Namibia is making progress in executing and finalising, and working towards initiating the formal feasibility study phase. About N$10 billion in funding was secured for this process.
These efforts, he said, are being supported by ongoing engagements with the International Finance Corporation and local stakeholder meetings underscore Hyphen’s commitment to thorough socio-environmental responsibility.
Mynupe also announced that the Africa Climate Foundation (ACF) has formalised its commitment to the Namibian Green Hydrogen Programme through signing a Memorandum of Understanding (MoU) with the Environmental Investment Fund (EIF).
The MoU outlines ACF’s support, including financial assistance and technical expertise, to aid the Programme in fulfilling its mandate and implementing policy interventions.
“As the first African-led climate change re-granting organization, ACF, established in 2020, focuses on grant-making, research, technical assistance, and advocacy to promote low-carbon transitions and enhance resilience in climate-vulnerable sectors,” he said.
“Notably, ACF had previously assisted in the establishment of the Namibian Green Hydrogen Programme and played a pivotal role in crafting its strategy during negotiations with Hyphen.”
Other developments in the sector include a Green Industrialisation Blueprint, a transformative initiative undertaken by NGHP in collaboration with the Ministry of Industrialisation, Trade, and SMEs Development.
“This groundbreaking document, slated for presentation to the Cabinet in March 2024, outlines key infrastructure development and novel industrial clusters. If endorsed, the Blueprint will be released to the public, showcasing Namibia’s potential as a hub for clean manufacturing, diversified exports, and increased employment opportunities, said Mnyupe.
NGHP is further collaborating with the Government to launch a market-sounding exercise by the end of the Second quarter of 2024.
According to Mnyupe, the strategic initiative aims to gauge investor interest in developing assets crucial for cost-effective production in the envisioned green hydrogen valleys.
“The initiative aligns with the recent announcement of Special Economic Zones in the 2024 Budget Speech by Minister Iipumbu Shiimi,” he said.-miningandenergy.com.na
