“Namibia’s Ambitious Oil and Gas Plans: A Path to Prosperity or Potential Pitfalls?”

Namibia’s push for oil and gas investments at COP29 in Baku has raised eyebrows among experts and campaigners who are skeptical about the country’s ability to succeed where others have failed in using fossil fuels to benefit its people.

The Namibia Investment Promotion and Development Board (NIPDB) organized side events at the country’s pavilion in Azerbaijan, focusing on sustainable oil production and greening Namibia through industrialization and the oil and gas value chain. The pavilion showcased the country’s investment opportunities in the oil and gas sector for 2024-2025.

Namibia’s minister of industrialization and trade, Lucia Lipumbu, described the investment catalogue as reflective of the country’s vision for the future, emphasizing the economic potential in the oil and gas and renewable energy sectors. The country claims that current exploration in four frontier basins could double its GDP by 2040 if commercially viable.

However, experts like Vance Culbert from the International Institute of Sustainable Development (IISD) doubt Namibia’s GDP doubling claims. They argue that the nature of investment deals may not lead to short-term benefits for the country, especially amidst the global transition away from fossil fuels.

Critics like Mohamed Adow of Power Shift Africa warn that relying on fossil fuels could lead Namibia down the same path as countries like Nigeria and Angola, where abundant natural resources have not translated into economic development for the people. They caution against the environmental and social impacts of oil drilling, citing the Niger Delta region’s struggles with pollution and poverty.

With the global shift towards clean energy, experts warn Namibia about the risks of stranded assets as demand for fossil fuels declines. They urge the country to consider investing in renewable energy and critical minerals to secure its future energy needs.

While some advocate for a transition to clean energy, others like Harsen Nyambe of the African Union Commission believe that countries will continue to use their available resources until viable alternatives are provided. The debate over Namibia’s oil and gas ambitions continues as the country faces scrutiny over its development path at COP29.