The partnership with aim to create Green-Hydrogen Sovereign Wealth Fund. State-backed firms from the #Netherlands have partnered with #Namibia to create a #sovereignwealthfund focused on #greenhydrogen, the Finance Ministry said.

SDG Namibia One, a €1 billion ($1.1 billion) blended financing vehicle for green hydrogen investment in the southern African nation, will include the participation of Namibia’s Environment Investment Fund and The Netherlands’ Climate Fund Managers BV and Invest International BV, the ministry said in an emailed statement on Tuesday, a day after the #Dutch and #Danish prime ministers visited the country.

The #fund which will receive initial grant financing of €40 million from Invest International aims to attract additional capital from local and international institutional #investors, the ministry said.

The #EuropeanInvestmentBank and Namibia concluded a letter of intent at #COP27 for the provision of €500 million, a portion of which will go toward the fund.

The southern African nation of just under 2.7 million people has outlined a significant build of #renewableenergy facilities, largely due to ideal conditions for solar- and wind-powered energy to produce green hydrogen for #export.

Demand for the clean-burning fuel is surging as the #world looks for alternatives to climate-warming #fossilfuels and #Europe seeks to lessen its dependence on Russian natural gas, supplies of which have proved unreliable due to the political tension created by the war in #Ukraine. The European Union is looking to import 10 million tons of renewable hydrogen by 2030. Continue reading…