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COP27: Namibia Secures $544 million in Climate Finance

Namibia announced on Tuesday at the COP27 summit that it had received over 540 million euros ($544 million) in climate finance from the Dutch government and the European Investment Bank.Namibia, one of the world’s sunniest and least densely populated countries, wants to produce green hydrogen and establish itself as Africa’s renewable energy hub. The Dutch grant comes from infrastructure funding vehicle Invest International, while the European Investment Bank facility will be used to build green hydrogen and renewable energy projects in Namibia.President Hage Geingob stated that the funds represented the largest amount of concessionary finance secured by his country to date to combat the effects of global warming.