Namibia Cashing In On First Hydrogen Concessions During 2022
The President of Namibia Hage Geingob said in his New Year address that the green hydrogen industry will strengthen Namibia’s renewable energy footprint and result in competitive electricity tariffs.
Geingob stated that his trips to the United States and the COP26 United Nations Climate Change Conference signified progress in marketing Namibia’s potential for green hydrogen production.
“In 2022 we shall secure the first N$100 million (over $6.7 million) in concession fees from the preferred bidder, bringing immediate relief to the fiscus, and translating the vision of a synthetic fuels industry into immediate foreign direct investment flows,” he stated.
According to the Namibian president, the country’s green hydrogen strategy will unlock greater investment and could establish the country as a regional and global decarbonization champion.
“In 2022 […] economic recovery and growth, employment creation, and the provision of basics such as housing and sanitation will continue to be key priorities,” Geingob said.
He continued by saying that, although government spending is currently limited, the country still has a stable governance architecture, a strong macroeconomic framework, and excellent infrastructure.
“Namibia has many unique and untapped economic opportunities which have the potential to attract meaningful investments and change the face of our economy. To turn opportunities into tangible outcomes . . . we must refocus our attention to maximize Namibia’s investment potential,” he said.
Reports from the country indicate that Geingob’s government is attempting to provide an enabling environment for the private sector to unlock opportunities and to prioritize key economic interventions through the Harambee Prosperity Plan II. This would jump-start Namibia’s economic recovery and growth and create employment for the country’s youth.
Geingob concluded by stating that the workplace and health and safety protocols need to be revisited to ensure the country is better prepared to provide workers with medical care.
“Let me commend our frontline workers, who put themselves in harm’s way to ensure lives are saved. I commend the first responders and members of the uniformed services, Cabinet ministers, and the minister of health for their invaluable contributions.
“It is due to the collective high level of vigilance that we managed to stave off the worst effects of the pandemic,” he stated.
It is worth reminding that Namibia sealed a deal during the summer of 2021 for an injection of $45.4 million by Germany to its green hydrogen production, in return for a future cheap supply of the gas.
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