Morocco is betting on investments exceeding $40 billion to secure a sustainable energy transition.
Leila Benali, the Minister of Energy Transition and Sustainable Development, confirmed that Morocco will need to mobilize more than $40 billion over the next five years to accelerate the energy transition and enhance electricity connectivity as part of the implementation of the national energy strategy.
In a statement to “Asharq” during her participation in the OPEC conference in Vienna, the minister elaborated that the kingdom is required to direct over $20 billion toward renewable energy and energy efficiency projects, while continental interconnection between Africa and Europe will necessitate similar investments exceeding $20 billion.
Benali highlighted that the contribution of renewable energy to the national electrical grid currently exceeds 45%, with an uptrend toward reaching 52% ahead of the previously set deadline of 2030. She also emphasized the importance of launching battery storage projects, which will significantly increase reliance on clean energy, alongside enhancing the role of natural gas within the national energy mix.
Morocco aims to double its electricity production capacity to reach 27 gigawatts by 2030, compared to the current 12 gigawatts, with a total investment nearing $13 billion, where renewable energies will account for about 80% of this anticipated increase, reflecting the kingdom’s commitment to energy transition and sustainable development goals.
