Page 12 - AfrElec Week 45 2022
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AfrElec INVESTMENT AfrElec
Namibia secures $544mn
climate finance from EIB, Dutch
government at COP27
NAMIBIA NAMIBIA has secured over €540mn ($544mn) Hydrogen is categorised “green” when it is
in climate finance from the Dutch government made with renewable power and is seen as key
and European Investment Bank (EIB) at the to help decarbonise industry, though the tech-
ongoing United Nations Climate Change Con- nology remains immature and relatively costly,
ference (COP27) in Egypt. writes Reuters.
The Dutch grant is from infrastructure fund- In May, the EU’s energy strategy set a goal of
ing vehicle Invest International, while the facil- importing at least 10mn tonnes of green hydro-
ity from the EIB is to build green hydrogen and gen by 2030, with another 10mn tonnes to be
renewable energy projects in Namibia, Reuters produced within the bloc. Namibia has been
reported on November 8. identified as a strategic enabler of the EU’s decar-
Namibia’s President Hage Geingob said the bonisation agenda through its ability to export
funds represented the largest amount of conces- clean energy to Europe.
sionary finance to combat the effects of global According to Reuters, Namibia on Tuesday
warming that his country had secured to date. signed a memorandum of understanding with
One of the world’s sunniest countries, the European Union on renewable hydrogen
Namibia has the potential to produce green and rare raw materials. President Geingob gave
hydrogen and position itself as a renewable no specifics on the agreement but said experts
energy hub in Africa. The country’s first hydro- from both sides would soon meet to outline joint
gen power plant is expected to be up and run- plans.
ning in 2024.
P12 www. NEWSBASE .com Week 45 09•November•2022
