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Rabat – Morocco has been highly successful in raising and directing funds for sectors relevant to the county’s renewable energy production through state institutions.
In a new report, Africa’s Development Bank Group highlighted the significant strides Morocco had made toward its green energy transition.
Dubbed “Africa Green Growth Readiness Assessment,” the report points out that Morocco has been able to overcome financing barriers by establishing a number of institutions including the Agricultural Development Agency (ADA), and the CDG Capital’s investment bank.
Morocco’s Climate Change Competency Centre represents an “exemplary model” for other states to establish domestic capacities for climate change action, and the transition to a greener economy, the report maintains.
In addition to establishing state organizations to oversee the implementation of green policies and green ventures, Morocco also integrated environmental indicators into its national system, the report indicates.
The measure is of paramount importance as it offers access to critical data for policy-making.
Morocco’s High Commission for Planning (HCP) provides regular updates on the status of the country’s Sustainable Development Goals (SDG) indicators, boosting the country’s climate readiness.
The country’s educational system additionally offers adequate human resources capable of contributing to the country’s green endeavors, the report specifies.
It added that a long-term environmental agenda coupled with strong leadership offer Morocco a headstart in terms of climate change readiness.
Morocco’s long-term vision for its green energy transition allowed the country to secure international financing to launch the world’s largest solar concentration power plant.
Within the report, the Africa Development Bank assesses a wide range of criteria that determines a country’s climate readiness including, political commitment, human capital, and governance.
Regarding Morocco’s political commitment, the country boasts a growing political commitment to Africa’s green growth.
A prime example of Morocco’s political commitment toward green enterprises is found in the ‘Morocco Green Plan,’ a decade-long strategy aiming to redirect investments towards agriculture in a bid to make it more sustainable.
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