Morocco plans big increase in renewable energy investments
(MENAFN) Morocco's Minister of energy Transition, Leila Benali, announced a substantial increase in renewable energy investments during a session at the House of Representatives. According to reports, Benali revealed that Morocco aims to quadruple its annual investments in renewable energy, targeting USD1.5 billion annually from 2024 to 2027. This marks a significant rise from the previous investment rate of USD400 million annually.
Benali emphasized that Morocco has already made significant strides in its renewable energy projects, boasting completed initiatives that generate a total of 4,600 megawatts of clean energy. She highlighted that between 2021 and mid-2024, the ministry issued licenses for projects capable of producing 200 megawatts of clean energy, representing the largest capacity granted in recent years.
The initiative underscores Morocco's strategic efforts to bolster its energy security, particularly crucial as the country currently imports 90 percent of its energy needs, a dependency exacerbated by escalating global energy prices following geopolitical tensions such as the Russian-Ukrainian conflict.
In addition to expanding investments in renewable energy, Morocco is actively pursuing partnerships in green hydrogen as part of its broader strategy to reduce reliance on external energy sources and enhance sustainability. These initiatives are pivotal in positioning Morocco as a leader in renewable energy development within the region and globally.
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