South Africa, Egypt and Namibia Tapped for $1B Industrial Decarbonization Push

Climate finance mechanism the Climate Investment Fund (CIF) has selected three African nations to participate in a $1 billion industry decarbonization investment program.

Under the program, South Africa, Egypt and Namibia – along with Brazil, Mexico, Turkey and Uzbekistan – will collaborate with development banks and private partners to develop investment plans aimed at scaling up low-carbon technologies, including green hydrogen and green steel.

“Decarbonizing industry is about more than emissions – it’s about securing long term prosperity and the jobs of tomorrow,” stated Tariye Gbadegesin, CEO, CIF.

The program will facilitate access to concessional funding from the CIF to scale up clean technologies critical to the global energy transition. The program will permit up to 100% of its financing to support private sector-led projects, with a mandatory minimum allocation of 50%.

Pan-African financial institution the African Development Bank (AfDB) has partnered with the CIF to support private sector participation in the program.

“The African Development Bank is proud to partner with CIF on this pioneering initiative, which will support countries in charting low-carbon industrial pathways, creating green jobs and enhancing global competitiveness in climate-smart industries,” stated Anthony Nyong, Director for Climate Change and Green Growth, AfDB”.

The program is part of the CIF’s $9 billion Clean Technology Fund, which prioritizes workforce reskilling and safeguarding vulnerable communities as countries transition to green industrial growth.