The German government has arranged funding for Namibia to the tune of 40 million Euros (N$682,3 million) to assist with research on venturing into green hydrogen.
The National Planning Commissioner, Obeth Kandjoze, disclosed that the money will be used to set up the Green Hydrogen Council of Namibia alongside examining the feasibility of Namibia getting into exploiting green hydrogen. He explained that Namibia is building partnerships with countries to help push it through its agenda to develop and improve its economic performance.
“Preliminary estimates of this potential [project] estimate Namibia’s annual production of green ammonia over 2,5 million tonnes, and thus will attract more than US$6 billion in foreign direct investment, while generating annual revenue over US$800 million. Our presence here today is about testing those estimates” he said.
According to Kandjoze, the introduction of green hydrogen will place Namibia at the forefront of the development of the southern African region. He also noted that it will create the opportunity to tap into the available financial resources from investments.
“We are not alone in this endeavour. Germany is heavily investing in the green hydrogen industry in Namibia. Our two governments are about to conclude an agreement that will see them invest up to 40 million euros, which, given today’s exchange rate, translates to just over N$680 million” he said.