EBRD backs Morocco’s efforts to speed up green energy transition
The European Bank for Reconstruction and Development (EBRD) is joining efforts with Moroccan Ministry of Energy Transition & Sustainable Development to accelerate the decarbonization of the electricity sector in Morocco.
The two sides signed on Wednesday a MoU on the sidelines of the 2023 Annual Meetings of the World Bank & the International Monetary Fund taking place in Marrakech.
Cooperation will focus on accelerating renewable energy deployment, strengthening the electricity network, rolling out energy efficiency solutions across sectors and developing an open and well-functioning electricity market.
The EBRD also pledged to support Morocco’s public power utility, the Office National de l’Electricité et de l’Eau potable (ONEE), in its decarbonization efforts, as well as strengthen ONEE’s resilience, notably through implementation of Law 48-15 on electricity market regulation.
Joint work will cover a number of common long-term strategic interests, including putting in place a carbon neutral trajectory and gradually phasing out fossil fuel assets over the next decades.
Morocco is one of the region’s most ambitious strategies for scaling up renewables and pioneering green technologies. For over a decade, the EBRD has been supporting the decarbonization of the Moroccan energy sector and its green energy transition through direct and indirect financing.
According to a WB report on funding energy transition in the power sector, Morocco’s transition to low-carbon economy requires an annual investment of $2.6 billion through 2030, rising to $17.4 billion annually by 2050.
The money will be spent on new clean energy solutions and technologies. Morocco’s energy transition will lead to a transformation of power sector infrastructure. This transformation will require a massive scaling up of renewable energy and energy efficiency to meet rapidly growing demand, followed by a phasing down of coal-fired power generation.
