Rabat - Morocco has $68 billion in smart investment potential from now until 2030 due to its reputation as a strong supporter of clean energy initiatives, according to the International Finance Corporation and the World Bank.
Rabat – Morocco has $68 billion in smart investment potential from now until 2030 due to its reputation as a strong supporter of clean energy initiatives, according to the International Finance Corporation and the World Bank.
In a new report titled “Climate Investment Opportunities in Emerging Markets, the IFC examined countries that had actively pursued next generation energy programs to see where international funds could be of best use.
In the Middle East and North Africa region, Morocco, Jordan and Egypt represent the three countries with the most clean energy potential, the IFC said. In total, the trio should expect $265 billion in new financing for environmentally designed buildings, waste treatment solutions and green transport over the next 14 years.
The bulk of new funds for Morocco will be for renewable energy and buildings. Egypt and Jordan will see a similar spread but at different scales.
“In Morocco, IFC and private partners are playing a key role in the construction of a 510 MW solar plant that will provide power to 1.1 million people,” the report said. “With the help of NDC implementation, the project, worth $2.6 billion, could help turn the North African kingdom into a renewable energy powerhouse and serve as a model for future public-private partnerships.”
The solar power project the report referred to is the Noor complex in Ouarzazate, which is the largest complex of its kind in the world.
Morocco has also begun exploiting its coastal regions for wind power in order to meet its goal of powering 52 percent of its energy needs via renewables by 2030.