Morocco, Switzerland sign first authorization for greenhouse gas emissions mitigation

Morocco and Switzerland have signed the first authorization for greenhouse gas emissions mitigation, marking a major step in implementing the agreement concluded between the two countries for cooperation under Article 6 of the Paris Agreement.

This authorization concerns the “Solar Rooftop 500” (SR500) program, which will allow the deployment of 500 MW of rooftop solar photovoltaic systems in the commercial and industrial sectors across Morocco, the Ministry of Energy Transition and Sustainable Development, Department of Sustainable Development, said in a press release, adding that this milestone paves the way for an operational carbon market and a tangible acceleration of the energy transition.

Immediately beneficial for Moroccan businesses, the program generates numerous economic, social and strategic co-benefits for Morocco, the same source noted, adding that in terms of employment, the deployment of 500 MW will create around 15,000 direct and indirect jobs through installation and maintenance activities.

It will also help stimulate private investment and further structure the national solar market.

The SR500 program will enable companies to reduce their electricity bills by 25% to 40%, directly improving their productivity and profitability.

Thanks to the carbon premium, which can cover up to 25% of installation costs, linked to the valuation of the quantities of greenhouse gases that would be reduced by substituting fossil energy with solar energy, the SR500 makes investments more profitable and more accessible, particularly for SMEs, the same source added.

These savings will result in lower production costs, improved operating margins and greater investment capacity.

The SR500 Program falls in line with the High Guidelines of His Majesty King Mohammed VI, may God assist Him, to raise the share of renewable energies to more than 52% of national capacity by 2026, and confirms the Kingdom’s new ranking among the world’s top six in climate performance.

The authorization of this project positions Morocco as the third country in the world, the second in Africa and the first in the MENA region to authorize an activity under Article 6 of the Paris Agreement, thereby consolidating its status as a global climate leader, the press release concluded.