President Hage Geingob yesterday said investors in the United States of America showed great interest in investing in Namibia, specifically in the country’s green hydrogen project.
Geingob while briefing the media on his recent trip to New York where he attended the 76th session of the United Nations General Assembly (UNGA 76) said investors showed great interest in doing business with Namibia. Green hydrogen is a hydrogen-produced fuel obtained from electrolysis of water with electricity generated by low-carbon power sources.
Hydrogen is a universal, light and highly reactive fuel. Electrolysis uses an electrical current to separate the hydrogen from the oxygen in water and if this electricity is obtained from renewable sources, it will produce energy without emitting carbon dioxide into the atmosphere.
“Namibia is in demand. The green hydrogen was very well received,” Geingob said before handing over the podium to ministers who accompanied him to the UN meeting.
“We had up to up four, five events where we engaged the business fraternity. Two events in New York that were under the flagship of the President where investors were contacted and showed interest in Namibia in general and more specifically in Namibia’s green hydrogen,” said National Planning Commission (NPC) minister, Obeth Kandjoze.
Kandjoze said Namibia is sufficiently endowed with world-class solar and wind resources in the //Kharas region. He added that the country is currently preparing to promote the green hydrogen project at the UN Climate Change Conference (UNFCCC COP 26) that would take place from 1 to 12 November 2021, in Glasgow, United Kingdom.
Meanwhile, Namibia is looking at developing a “world-class”, renewable energy-powered project, via a public-private partnership.
President Geingob in August this year launched requests for proposals (RFP) for the development of green hydrogen and green ammonia (GH&A) projects in the //Kharas region.
GH&A is being peddled as one of the key fuel sources for a global future to facilitate a carbon neutral world. Preliminary estimates are that Namibia has the potential for annual production of green ammonia in excess of 2.5 million metric tonnes.
This figure is expected to attract more than US$6 billion in foreign direct investment (FDI) which is anticipated to generate annual revenues in excess of US$800 million.
The latest estimates by the International Energy Agency (IEA), published at the end of 2019, predict that global energy demand will increase by between 25% and 30% by 2040, which in an economy dependent on coal and oil would mean more CO2, thereby exacerbating climate change.
ktjitemisa@nepc.com.na