Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Namibian President Hage Geingob said the US is missing out on a chance to invest in green hydrogen projects and mineral resources in the southern African nation, while the European Union is showing great interest.
German officials visited Namibia in December and considered investing there as they search for new energy sources to address a transition to cleaner technologies and compensate for a cut-off from Russian gas supplies since the invasion of Ukraine. The hydrogen projects are at a planning stage, while oil discoveries are still undergoing an appraisal process to determine whether they are commercially viable.
“When I go to Europe, everyone is running to Namibia because we have green hydrogen,” Geingob said in a panel discussion in New York on Tuesday, adding that the nation also has lithium and rare minerals deposits. “Americans are left out.”
State-backed firms from the Netherlands have also partnered with Namibia to create a sovereign wealth fund focused on green hydrogen. In addition to the clean energy projects, TotalEnergies SE and Shell Plc have made offshore oil discoveries since last year.
“We discovered oil, we have green hydrogen,” Geingob said. “The doors are open.”
(By Paul Burkhardt and Jennifer Zabasajja)
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