• Market Watch

Green hydrogen gets boost from Nedbank Namibia

Namibia’s green hydrogen initiatives are set to become important for the economic growth of the country, Nedbank Namibia has said.

The bank recently donated N$350 000 towards the ministry of mines and energy’s path towards the realisation of the nation's goal of being self-sufficient in the production of green hydrogen.

These initiatives focus on the urgent development of key skills and the collaborative efforts that are required as Namibia sets its sights on the emerging green hydrogen economy.

Speaking at the official handover of the funds, Nedbank Namibia managing director, Martha Murorua said the bank has had a vested interest in environmental sustainability, in particular, having pioneered the establishment of its Go Green Fund 22 years ago already.

Mines and energy minister Tom Alweendo described Nedbank Namibia’s contribution as a milestone in Namibia's push towards a greener future.

“This exemplifies Namibia's unwavering dedication to establishing itself as a frontrunner among nations in becoming a global leader in the field of renewable energy. The collaborative approach that we have taken with Nedbank Namibia underscores further that our mission transcends individual interests and resonates with our collective aspirations,” Alweendo said.

The ministry will be responsible for guiding and carrying out the implementation of the green hydrogen vision for the country and has committed its resolve to accelerate progress within the sector, recognising that the development of the green hydrogen industry will require a concerted and unified effort.

Lauding the partnership, Murorua emphasised the Nedbank Namibia's commitment to the initiative.

"We firmly believe in the viability of the Green Hydrogen and Derivatives Strategy, which is why we are contributing these funds towards the ultimate realisation of the strategy. We do so, as we will always be supportive of a programme that will establish our country as a global forerunner in a specific field,” she said.

The Green Hydrogen Project has been identified as a cornerstone of Namibia's economic diversification and empowerment strategy and stands as a significant stimulant in the country's overall energy landscape.

Collaboration between the public and private sectors remains essential to bridging the skills and capacity gap within Namibia. By joining forces, entities leverage their respective strengths, resources, and expertise to address the multifaceted challenges the country faces in the global arena, Nedbank Namibia said in a statement.

Not only does this synergy encourage a cohesive approach to industrial development, but it further fosters an economic environment that is sustainable.

"The alignment between government vision and the capability of the private sector has the potential to create a robust framework for continued growth, thereby ensuring Namibia's global competitiveness," Murorua noted.

As a result of its alignment with international partnerships and memoranda of understanding with countries such as the Netherlands, the European Union, Germany, and Japan, Namibia is well positioned to build a hub for attractive green hydrogen assets.

The official transfer of Nedbank's contribution is therefore more than symbolic; it strengthens Namibia's commitment to a green hydrogen future, highlighting the essential role that both the public and private sectors need to play in steering our nation's socioeconomic development agenda, the bank said.