Namibia Secures $250M CIF Funding for Green Industrialization

Namibia has secured $250 million in funding from the Climate Investment Funds (CIF) to accelerate green hydrogen projects and decarbonization of hard-to-abate industries.

Namibia will use the funding to develop its critical minerals and renewable energy value chains, integrate renewables into regional power pools and strengthen institutional capacity.

According to James Mnyupe, Head of the Namibia Green Hydrogen Program, the funding will help de-risk early investments in green industries and promote a just, inclusive transition in line with Namibia’s Sixth National Development Plan and Green Industrialization Strategy.

The funding is part of CIF’s new $1 billion Industry Decarbonization Investment Program providing developing countries with financial and technical assistance to scale up technologies such as green hydrogen, waste heat recovery and the production of green steel, aluminum and cement. Seven countries shortlisted for the program also include South Africa, Egypt Brazil, Mexico, Turkey and Uzbekistan.

The program aims to reduce emissions in the industrial sector by 20% by 2030 and 93% by 2050 to meet climate goals.