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Rabat – The International Finance Corporation (IFC) signed an agreement with Morocco’s Ministry of Energy Transition on Monday, reiterating its commitment towards helping Morocco accelerate its energy transition.
The agreement seeks to upgrade the Moroccan national natural gas roadmap and establish a public-private partnership for the development of a sustainable gas infrastructure.
Under the agreement, Morocco has committed to produce 52% of its electricity from renewables through the development of a sustainable infrastructure.
“With its low carbon content and versatility, natural gas is an essential element of Morocco’s energy transition and decarbonization strategy, as it will enable greater penetration of intermittent renewable energies into the grid and bring greater stability and efficiency to the national power system,” according to the ministry.
Several reports highlighted Morocco’s efforts in pushing towards developing green energy capacity.
In December, American consultancy EY ranked Morocco among the top three countries “pushing above their weight” in terms of boosting green energy capacities.
Morocco has been touting its plan to boost production capacity for solar wind and green hydrogen.
The North African country is committed to increasing the share of green energy in its energy mix to 70% by 2040 and 80% by 2050.
For the government, such goals are attainable thanks to technological development as well as the dropping cost of renewable energies.
Despite the ambitious plans, several reports emphasized the importance of increasing finances to help Morocco reach its goal of decarbonizing the economy.
A new World Bank report in April 2023 stressed that the North African country should increase its financing package for green energy production projects by $2.6 billion annually through 2030, and to $17.4 billion annually by 2050.
Developing countries only receive one-fifth of the global investments into green energy projects despite making up two-thirds of the world population, according to the World Bank
Many countries express support for Morocco’s efforts in boosting renewable energies, including the US.
“Under the bold leadership of King Mohammed VI, Morocco has become a world leader in investing in renewable energy and in meeting its climate goals under the Paris Accords,” Special Presidential Envoy for Climate John Kerry said in March 2021.
