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. 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. 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. Morocco’s energy transition will lead to a transformation of power sector infrastructure.

Source: The North Africa Journal October 12, 2023 17:47 UTC