40 million euro kitty for Namibia’s green hydrogen drive

 40 million euro kitty for Namibia’s green hydrogen drive

40 million Euro kitty for Namibia’s green hydrogen drive.

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Windhoek-Namibia will receive about 40 million Euros financial kitty from Germany to steer research on the possibility of tapping into green hydrogen, the National Planning Commissioner Obeth Kandjoze has said.

Kandjoze said the funds would also be used on examining the feasibility of Namibia tapping into the possibility of exploiting green hydrogen as well as the setting up of the Green Hydrogen Council of Namibia.

According to Kandjoze Namibia is also partnering with their countries that are willing to assist the South West African country push through its developmental agenda as well as improve its economic performance.

“Preliminary estimates of this potential estimates Namibia’s annual production of green ammonia in excess of 2.5 million metric tons, and thus attract more than US$ 6 billion in FDI and while generating annual revenues in excess of US$ 800 million. Our presence here today is about testing those estimates,” Kandjoze said.

Kandjoze said the introduction of green hydrogen in Namibia will assist the country to be at the forefront of such a development in the Southern African region as well as tap into the available financial resources from the investments.

“We are not alone in this endeavor. Germany is heavily investing in the green hydrogen industry in Namibia. Our two governments are about to conclude an agreement which sees them invest up to 40 million Euros which given today’s exchange rate, translates to just over N$680 million,” he said

The research for setting up a vibrant green hydrogen industry will be spearheaded by the University of Namibia and strongly supported by other stakeholders from Namibia and Germany.

Meanwhile Namibian President Hage Geingob has since launched the open request for proposals to the international community to invest in the country’s green hydrogen and ammonium project in the.

The green hydrogen project in Namibia is part of the envisaged N$27 billion worth of projects targeted by the President in his signature economic blueprint, the Harambee Prosperity Plan II(HPP II), to steer the country’s economy as well as production and stimulate jobs.

The HPP II also committed to deliver key reforms such as the establishment of a Sovereign Wealth Fund and the review of legislations that favor regulations facilitating business rescue to assist businesses that are in financial difficulties.

Millions of funds from Germany to Namibia will assist in the driving of the hydrogen project.

“Namibia is a child of international solidarity and we were born out of international support. We have benefited from international solidarity while fighting for our independence and we conquered. We are now inviting you wherever you are to come to invest in Namibia and work with us. As a country, we have grown and grown our economy but we now need to work to produce and provide for our people,” Geingob said.

The Namibian President said the Southern African country has so far done enough to create an investor friendly economy with solid respects or property rights and also good return on investment.

Tiri Masawi

is a Business Journalist and Editor for 14 years. He is currently working in Namibia and has written for several Namibian, Zimbabwean, and South African newspapers. He also works as a fixer for BBC in Namibia. He has a firm interest in reading as well as mentoring young journalists in the craft.

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