Morocco ranked second in Africa for renewable energy investments, totaling $9.36 billion from 2010 to 2021, according to findings collected by international research group Zero Carbon Analytics. South Africa leads the continent with $23 billion spent in the same period.
In wind energy, Morocco ranks second in installed capacity at 22%, following South Africa, while in solar energy, Morocco, South Africa, and Egypt collectively contributed up to 65% of Africa’s installed capacity in 2021.
South Africa leads in renewable energy investments with $23 billion, followed by Egypt with $7.14 billion and Kenya with $6.69 billion.
Most investments in Southern Africa focus on renewable energy (86%), while East African and North African countries had percentages of 82% and 67%, respectively.
Experts from the International Group said that while Africa represents less than 3 percent of global renewable energy capacity, the deployment of renewable energy sources has witnessed significant development over the past decade, recording a doubling between 2012 and 2022 to approximately 59 gigawatts.
Yet, annual investments need to double to achieve energy access and climate goals, requiring around $200 billion yearly until 2030, as estimated by the International Energy Agency and the African Development Bank Group.
