Rabat – Morocco could become a major exporter of green hydrogen with the right state policies to boost investments in the sector.
In a recent report, the World Bank (WB) argues that decarbonizing the economy would put Morocco on the path to becoming a major exporter of green hydrogen and make the country an industrial hub for low-carbon manufacturing destined primarily for the EU.
To reach this goal, Morocco needs a giant investment of $53 billion by 2050 to decarbonize its national economy.
The Morocco Country Climate and Development Report (CCDR) revealed that the country has the necessary capabilities to generate 85% of its electricity needs from green energy sources by 2050, 20% up from 2021.
In addition to bringing the country closer to its green targets, increasing solar and wind energy production is set to create at least 28,000 jobs annually in the green energy and efficiency sectors alone.
While there is already a substantial volume of investments to decarbonize the economy, the report adds that Morocco needs an even bigger volume of investment to develop climate resilience by 2050. WB estimates that the country could need up to $78 billion to reach its climate resilience targets.
However, the report predicts the cost-intensive decarbonization plans could be backed by the private sector should the country enhance its policies to attract investment in the green energy sector.
Investing in decarbonizing the economy would also lessen the country’s dependency on fossil fuels and ammonia imports, boosting energy sovereignty and cutting pollution.
Similar to previous reports, the WB indicates that, looking forward, Morocco has three climate-related challenges that would significantly undermine the economy as well as socio-economic development in the country.
These primary issues are decarbonizing the economy, water scarcity, and boosting floods-resistant infrastructure.
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