$140 million in climate finance flows to green hydrogen and cleaner industry in South Africa and Namibia

Climate Fund Managers has secured approval for $140 million in catalytic financing from the Green Climate Fund for its Climate Investor Three programme, agreed at the fund's board meeting in Songdo, South Korea. Of the total, $84 million goes to South Africa's SA-H2 Fund to build green hydrogen capacity, and $56 million to the SDG Namibia One fund — money aimed at producing green hydrogen, green ammonia and green methanol and cutting emissions from hard-to-clean industries like steel and shipping fuel. Catalytic finance is designed to go first and take the early risk, so that much larger private investment can follow into projects that would otherwise struggle to get built.

SDG 7 · Affordable and clean energy — Mechanism: funding & finance