Public Management

COP27: Namibia secures US$544 mln climate financing

Wednesday, 09 November 2022 14:09
COP27: Namibia secures US$544 mln climate financing

(Ecofin Agency) - The funds, provided by the European Investment Bank and the Dutch government, will finance green hydrogen and renewable energy projects.

Namibia announced, Tuesday (November 8), it has secured over €540 million (US$544 million) in climate financing during the 27th edition of the United Nations Climate Change Conference (COP27).

The financing consists of a €500 million loan from the European Investment Bank (EIB) and a €40 million grant from the Dutch government. It will finance the development of green hydrogen and renewable energy projects. According to Namibian President Hage Geingob, the financing is the largest concessional climate financing secured by the country to date.

On the sidelines of the COP27, Namibia also signed a memorandum of understanding on green hydrogen and transition energy with the European Union.  

The memorandum aims to ensure the “development of a secure and sustainable supply of raw materials, refined materials, and renewable hydrogen to support the green and digital transformation of the partners' economies,” the European Commission informs.

Namibia, which is one of the sunniest countries in the world, wants to position itself as a renewable energy hub in Africa by producing and exporting green hydrogen.  

Additional Info

  • communiques: Non
  • couleur: N/A


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11


Benjamin FLAUX
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72


Please publish modules in offcanvas position.