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Morocco to invest $14 billion in boosting renewable energy

Morocco-to-invest-GBO

The country is set to invest $14 billion in mainly renewable energy projects that were launched by King Mohammed VI to meet national needs and commitment to global efforts to combat climate change and promote clean energy

Moroccan Minister of Energy, Mines, and Sustainable Development Aziz Rabbah confirmed the reports and stated that the projects are already underway with major companies from Asia, Europe, the US, and the Arab world leading in the implementation process.

The Minister said that the King Mohammed’s  renewable energy strategy will be used 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%, and more than 93% of Morocco’s energy needs are imported, compared to 98% in 2008. Our energy strategy targets increasing use of renewable energy to 52% by 2030, while reducing consumption of conventional energy sources by 15%,” stated Mr. Aziz Rabbah.

The renewable energy projects will also include installation of off-grid solar powers that will extend energy access to 19,438 homes in more than 1,000 villages in Morocco. The project will also create more than 500,000 jobs to both in and neighboring countries. Economic boost will also be seen upon completion of the project as the country set to export extra energy.

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.”

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