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Namibia Gets COP27 Cash

FILE: A man walks outside of the Sharm El Sheikh International Convention Centre during the COP27 climate summit opening in Egypt's Red Sea resort of Sharm el-Sheikh, Egypt. Taken November 6, 2022.

Namibia said at the COP27 summit on Tuesday that it had secured over 540 million euros ($544 million) in climate finance from the Dutch government and European Investment Bank.

The Dutch grant is from infrastructure funding vehicle Invest International, while the facility from the European Investment Bank is to build green hydrogen and renewable energy projects in Namibia.

One of the world's sunniest and least densely populated countries, Namibia wants to produce green hydrogen and position itself as a renewable energy hub in Africa.

Also on Tuesday, Namibia signed a memorandum of understanding with the European Union on renewable hydrogen and rare raw materials.

Hydrogen is categorized "green" when it is made with renewable power and is seen as key to help decarbonize industry, though the technology remains immature and relatively costly.

In May, the EU's energy strategy set a goal of importing at least 10 million tons of "green" hydrogen by 2030, with another 10 million tons to be produced within the bloc

Namibian President Hage Geingob said the funds represented the largest amount of concessionary finance to combat the effects of global warming that his country had secured to date.

Geingob gave no specifics on the agreement but said experts from both sides would soon meet to hammer out joint plans.