Namibia is today formally teaming up with Europe to ensure a sustainable supply of raw materials and to develop renewable energy and green hydrogen initiatives.
Similar to the pact inked on the prior day with Kazakhstan, the European Commission’s (EC) President Ursula von der Leyen on Tuesday signed a memorandum of understanding (MOU) with the President of Namibia Hage Geingob that outlines a strategic partnership between them on the development of the raw materials and green hydrogen value chains in the African nation.
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In parallel, the European Investment Bank (EIB) entered into a joint declaration with Namibia to deepen their cooperation in support of renewables and green hydrogen, paving the way for EIB Global to extend a loan of up to EUR 500 million (USD 499.7m) to the government of Namibia. This loan will allow for long-term, sustainable projects and investments, according to the announcement by the EC.
Under the newly-signed MOU, the EU and Namibia will develop an operational Roadmap for 2023-2024. They will seek to agree on concrete joint actions within six months.
The MOU contains six main pillars: the integration of raw materials and renewable hydrogen value chains; cooperation to leverage Environmental, Social and Governance (ESG) criteria; mobilisation of funding for infrastructure development; capacity building, training and skills development; collaboration on research and innovation; and regulatory alignment, standards and certification.
In addition to Namibia and Kazakhstan, the EU also has existing partnerships on raw materials with Canada and Ukraine.
(EUR 1 = USD 0.999)