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Rabat – The European Bank for Reconstruction and Development (EBRD) and the Moroccan Ministry of Energy Transition and Sustainable Development are partnering to accelerate the decarbonization of the electricity sector in Morocco.
The two parties, represented by Leila Benali, Minister of Energy Transition and Sustainable Development, and Nandita Parshad, EBRD’s Managing Director for Sustainable Infrastructure, signed a Memorandum of Understanding (MoU) in Marrakech, according to a statement issued on Wednesday.
The agreement lays out a comprehensive strategy that covers renewable energy, energy efficiency, and the electricity market, EBRD said in a statement.
The primary objective of this partnership is to boost the deployment of renewable energy sources, fortify the electricity grid, introduce energy-efficient solutions across various sectors, and develop an open and well-functioning electricity market in Morocco.
A key focus of the MoU is to support Morocco’s public electricity utility, the National Office for Electricity and Water (ONEE).
In addition to supporting ONEE’s ambitious decarbonization initiatives, the program will also strengthen the utility’s resilience, particularly through the implementation of Law 48-15 on the regulation of the electricity market.
The collaboration will cover several long-term strategic objectives, including the establishment of a carbon-neutral trajectory and the gradual phase-out of fossil fuel assets over the next few decades.
Morocco has earned recognition for its ambitious strategy of expanding renewable energy sources and pioneering green technologies in the region.
Read also: EBRD Doubled its Investment in Morocco in 2022 Amid Global Crises
For more than a decade, the EBRD has been actively supporting Morocco in decarbonizing its energy sector and transitioning to green energy, both through direct and indirect financial support and through policy dialogue, the European bank said in the statement.
In her speech on the occasion of the signing of the agreement, Leila Benali expressed her delight at this cooperation and underlined its importance at a critical time in Morocco’s relations with its European partners.
She highlighted the importance of the partnership, particularly in light of the substantial investment program undertaken by ONEE and its ongoing corporate transformation.
“This MoU will support a key element of our strategy: reinforce the grids and ensure long-term sustainable financing in agile and robust energy systems,” she said.
For her part, Nandita Parshad, EBRD Managing Director for Sustainable Infrastructure, underscored the urgent need to address the climate emergency.
She commended Morocco for being a front-runner in the continent’s climate efforts and for its commitment to sustainable development through climate adaptation and mitigation technologies.
Parshad expressed her enthusiasm for the partnership, stating: “Today, by signing this MoU, we strengthen an already vibrant cooperation on energy transition. We welcome the Ministry’s commitment to decarbonizing the electricity sector and focusing on the goal of carbon neutrality.”
