The European Bank for Reconstruction and Development (EBRD) and the Ministry of Energy Transition and Sustainable Development (METSD) signed a memorandum of understanding on Wednesday in Marrakech to accelerate the Moroccan electricity sector’s “decarbonization,” EBRD announced.
Signed by EBRD Managing Director for Sustainable Infrastructure Nandita Parshad and Minister of Energy Transition and Sustainable Development Leila Benali, the memorandum focuses on the acceleration of renewable energy deployment, the strengthening of the electricity network, the rollout of energy efficiency solutions across sectors, and the development of an open and well-functioning electricity market. The agreement provides for adoption of a carbon-neutral trajectory and the gradual phasing out of fossil fuel assets over the coming decades.
EBRD and METSD will also support Morocco’s public power utility, the Office National de l’Electricité et de l’Eau potable (ONEE), in its decarbonization efforts, along with the strengthening of ONEE’s resilience through the implementation of Law 48-15 on electricity market regulation.
“We are very pleased to announce this cooperation with our long-standing partner the EBRD, which comes at a crucial time for our relationship with our European partners, in line with the Green Partnership signed by Morocco,” said Benali.
“In the wake of the climate emergency, Morocco has been at the forefront of the continent’s climate effort and is now taking steps to put the country on a sustainable path, using both climate adaptation and mitigation technologies,” commented Parshad.
Morocco, a beneficiary of EBRD resources since 2012, is a founding member of the EBRD which so far has invested €4.2 billion in the country through 95 projects.