Economy

Economy (712)

Finland is scouting for trade and investment opportunities in Namibia’s energy sector, with a particular focus on green hydrogen.

The Institute for Public Policy Research (IPPR) has ranked Swakopmund, Walvis Bay and Windhoek Municipalities as the best performing local authorities in the country. 

Namibia has launched its Green Hydrogen Strategy to accelerate the recovery of the domestic economy and contribute towards its Vision 2030 industrialisation agenda, among others.

Some of the key objectives in the strategy are to establish an effective operational structure, develop strong and embed network of partners, and create shared prosperity for Namibians.

The activities required to achieve the objectives as set out in the strategy include:

  • Establishing an appropriate and fit-for-purpose structure to help develop the green hydrogen industry. The envisaged structure will also be responsible for planning, procuring, and monitoring future green hydrogen projects developed on state-owned land.
  • Crafting and enacting the Synthetic Fuels Act as a comprehensive regulatory framework to create an enabling environment. This legislation will ensure compatibility with international green fuel, certification, health and safety, and environmental standards.
  • Launching pilot projects to build knowledge, local EPC companies and capabilities to construct and deliver local component manufacturing.
  • Planning and developing an ownership and governance model and shared ecosystem for Common User Infrastructure to lower development costs and risks.
  • Putting in place training programmes and policies to enable Namibian citizens to participate in the hydrogen economy and supply talent to the industry.

The activities required to achieve the objective of developing and embedding a strong network of partners include:

  • Working with international development partners to mobilise finance and de-risk available financial instruments.
  • Engaging with regional partners to explore and agree on collaboration opportunities to foster cross-border green ecosystems for example, shared use of port infrastructure, and pipelines.
  • Continuing the global outreach campaign and fostering hydrogen diplomacy to inform potential investors, project developers and international development partners about Namibia’s hydrogen opportunity and identify collaboration opportunities with other governments and the private sector.

The activities required to achieve the objective of creating shared prosperity for Namibians include:

  • Updating and developing the Harambee Prosperity Plan II to lay out a clear path for economic development and invest the government proceeds from the hydrogen industry in healthcare, education and other social benefit.
  • Hosting roundtables to engage key Namibian stakeholders on an inclusive basis (civil society, labour unions, traditional communities) in building Namibia’s hydrogen economy and incorporate their feedback in plan development.
  • Creating a permanent task force to assess and manage the environmental safeguards and more specifically the biodiversity concerns in the hydrogen industry under the framework of the Community-Based Natural Resource Management Programme.

Namibia is targeting to create a green fuels industry with a production capacity of 10-12 million tonnes per annum (Mtpa) of hydrogen equivalent (H2) by 2050.

The African Petroleum Producers’ Organization (APPO) has admitted Namibia as its newest member.

The Bank of Namibia (BoN) has called for a review of the country’s oil and gas exploration licensing to allow for more transparency and accountability. 

The Khomas Region has been identified as an area with the highest number of shacks by the Namibia Statistics Agency (NSA).

 Motorists and businesses should brace for more diesel price hikes in the coming few months, a local research firm Simonis Storm has warned. 

A recent report on organised crimes in Africa flags illicit timber trade and money laundering as some of Namibia’s major economic crimes that stifle economic growth. 

Development Bank of Namibia (DBN) has announced the resumption of the Good Business Awards, with finalists and winners to be announced next month. 

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