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Namibia aims to create 26,000 jobs in the green industrial sector by 2030, as the government identifies eight companies as part of the Green Industrialisation Agenda.
Namibia aims to create 26,000 jobs in the green industrial sector by 2030, as the government identifies eight companies as part of the Green Industrialisation Agenda. Industries identified include solar panel and wind turbine assembly, critical raw minerals value addition, synthetic fuel production, and hot briquetted iron production, with early estimates noting that these industries could create more than USD1.3 billion) in Gross Value Added.
According to the Green Hydrogen Commissioner, James Mnyupe, the program will be conducted in close collaboration with the Ministry of Industrialisation and Trade and the Ministry of Finance, which has enlisted the new potential industries to be established in Namibia.
This work will be submitted to the Cabinet in early 2024 and will be the subject of further analysis and robust deliberations. What is clear, however, is the world’s commitment to the decarbonising industry will create new opportunities for Namibia to accelerate its socio-economic development pathway – to fully capitalize on said opportunities, a One Namibia approach will prove to be vital, said Mnyupe.
Hyphen Hydrogen Energy has now agreed with SDG Namibia One to secure funding for the 24.1% Government Equity Stake. Once all conditions precedent have been met, feasibility activities will commence in Q1-2024. To date, Hyphen has now mobilized more than 30% of the requisite funding for the feasibility of the project from external sources, illustrating the level of strategic support the efforts have attracted beyond the project sponsors. €30 million is expected to be secured from the European Investment Bank in January 2024; this will result in more than 2/3rds of the feasibility budget being mobilized through strategic economic diplomacy efforts from the project sponsors and the Government of the Republic of Namibia.
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SDG Namibia One is a bespoke blended financing infrastructure fund that will aim to raise capital from local institutional investors and investors from around the world to develop Namibian green hydrogen projects and related infrastructure. Namibia’s Environment Investment Fund (EIF), in partnership with Climate Fund Managers, which led the registration of NH2 Fund Managers, will oversee the fund’s operations.
