Morocco boasted of major projects in renewable energy with a total investment of $14 billion from 2017 to 2023, at the IRENA meeting in Abu Dhabi per Tarek Bazza, a journalist at Morocco World News with Master’s degree in Translation from King Fahd School of Translation in Tangier on January 12, 2019.
Minister Rabbah: Morocco Earmarks $14 Billion for Energy Projects
Rabat – Moroccan Minister of Energy, Mines, and Sustainable Development Aziz Rabbah said that Morocco has earmarked $14 billion of investment for the energy sector between 2017 and 2023.
The projects are underway and concern mainly renewable energy, Rabbah said at the ninth General Assembly of the International Renewable Energy Agency (IRENA) Friday in Abu Dhabi.
Major companies from Asia, Europe, the US, and the Arab world, in addition to Moroccan companies are carrying out the energy projects, which indicates the attractiveness of the Moroccan market, Rabbah added.
Rabbah also emphasized that Morocco’s renewable energy strategy was launched by King Mohammed VI to meet national needs and commitment to global efforts to combat climate change and promote the use of clean energy.
The strategy, continued the minister, aims to enhance security in the energy sector in Morocco and to respond to the increasing demand for energy.
“We have an annual energy demand increase of 2 to 4 percent, and more than 93 percent of Morocco’s energy needs are imported, compared to 98 percent in 2008,” he added.
Speaking to the Emirates News Agency (WAM), the minister said: “Our energy strategy targets increasing use of renewable energy to 52 percent by 2030, while reducing consumption of conventional energy sources by 15 percent.”
The energy minister also recognized the UAE’s support of the Moroccan renewable energy sector. Abu Dhabi’s renewable energy company Masdar “had successfully installed an off-grid solar power project that extends energy access to 19,438 homes in more than 1,000 villages in Morocco,” he told WAM.
The three-day IRENA assembly brought together heads of state and over 120 ministers and government representatives from 160 countries around the world.
IRENA was created on January 26, 2009, in Bonn, Germany, after 75 countries signed the organization’s statutes.
The UAE became a permanent headquarters during IRENA’s first General Assembly in 2011.
Read Also: Energy Minister: Morocco to Invest $30 Billion in Renewable Energy by 2030