Mines and Energy Minister Tom Alweendo says Namibia has hardly benefited from exploring carbon sources as a means to industrialize and grow its economy, despite the country having served for over 100 years as a carbon sink.
“Yet, we have been disproportionally ravaged by climate change. The merciless drought of 2019 still lingers in the recesses of our minds, the scorching fires of 2021 still smoulders in our hearts. These events reminded us once more, just how vulnerable our agriculturally dependent economy truly is to climate change,” Alweendo said while addressing delegates at the Namibia Green Hydrogen Event at the World Economic Forum in Davos, Switzerland
He indicated that Namibia will comply with the Paris Climate Agreement in the development of new energy sources.
“As per your guidance, what is important is that whatever energy resources we develop, we must do so while respecting Article 4 of the Paris Climate Agreement. Particularly paragraph 4 that calls on developed nations to lead and accelerate their efforts to reduce their emissions profile and developing countries to do so while respecting the socio economic needs of their people. The Ministry of Mines and Energy is working closely with our colleagues at MEFT to reassess and recalculate our NDCs given our evolving ambitions and opportunities,” he said.
Article 4 of the Paris Climate Agreement calls on developed nations to lead and accelerate their efforts to reduce their emissions profile and developing countries to do so while respecting the socio-economic needs of their people.
“It is our pledge to guarantee that the Namibian people will soon experience the benefits of your leadership in championing Namibia as an attractive investment destination.
“The time to plan is now over – it is now time to execute; it is time to walk the talk. It is our commitment to ensure that your bold and courageous vision is not only realized, but realized in a timely fashion,” said the Energy Minister
Alweendo has previously maintained that Namibia will not compromise its ability to solve the country’s socio-economic problems by cutting off potential fossil fuels, amid increased global calls for countries to do away with fossil fuels.
The minister’s pronouncement comes as oil has been discovered off the coast of Namibia, a development which has the potential to generate over N$500 billion in potential revenues in the coming decade through taxes and royalties charged to the oil sector, according to Cirrus Capital.
Namibia is also poised to become a leader in green hydrogen after having awarded Hyphen Hydrogen Energy a contract to develop a US$9.4-billion green hydrogen project, expected to create 15 000 jobs during construction and 3 000 permanent positions, of which 90% are to be reserved for Namibians.
The government is banking on green hydrogen to attract more than US$6 billion in foreign direct investment (FDI) which is anticipated to generate annual revenues in excess of US$800 million, while also contributing to the recently launched Sovereign Wealth Fund.
