$140 million in climate finance is heading for green hydrogen in Namibia and South Africa

Green hydrogen — fuel made by splitting water with renewable electricity — could clean up industries like steel and fertiliser that batteries cannot reach, but first projects are expensive and risky for private investors alone. Meeting in Songdo, South Korea, the Green Climate Fund's board has approved $140 million in catalytic financing to share that risk: $56 million for Namibia's SDG Namibia One Fund and $84 million for South Africa's SA-H2 Fund, channelled through the Development Bank of Southern Africa. The money is designed to pull in far larger private investment behind it, backing green hydrogen, ammonia and methanol projects across both countries.

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