Private investments are propelling Morocco’s green transition; the Kingdom has exceeded its 42% renewable energy target and is on track to reach 52% before 2030—all while attracting private investment and keeping subsidies off the table, the country’s Energy Minister, Leila Benali told Bloomberg on Friday.
“We have all the building blocks,” Benali said on the sidelines of the Munich Security Conference. “Morocco has 15 years of experience developing renewable energy projects and more than 30 years of attracting private finance. We strongly believe we can get renewable energy developed without subsidies.”
The country has tripled its annual investments in renewable energy and increased grid investments fivefold to support its expansion. Morocco plays a key role as an energy link between Africa and Europe, positioning the country as a competitive global leader in sustainable energy.
Morocco is also making major moves in green hydrogen, an emerging sector that could reshape global energy markets. “We put in place a framework that allows international and national investors to take the risks,” Benali said. “We’ve learned from our experience with renewables, and we are ensuring the private sector and the state take a fair allocation of risks.”
Recent deals, including agreements signed during French President Emmanuel Macron’s visit to Morocco, reflect growing confidence in the nation’s approach. More consortiums are expected to be announced soon, the minister disclosed.