Morocco has ranked among the top ten developing countries drawing foreign investment in renewable energy between 2015 and 2022, according to the Global Investment for 2023 report published by the United Nations.
Greenfield projects and international project finance deals in Africa increased by 39% in 2022, mostly due to a rise in the number of projects in Morocco, Egypt, South Africa, and Kenya.
Morocco is the third developing nation that attracts investments in renewable energies and is also paving the way for investment in other low-emission energy sources.
Investments in renewables account for between one-tenth and one-third of total foreign direct investment in the ten developing nations with the highest levels of international investment in renewable energy.
Morocco owns 34% of the renewable energy projects and partakes in more than a third of the value of the top ten developing countries, which include Brazil, Vietnam, Chile, India, Kazakhstan, Taiwan, Egypt, Mexico, and Indonesia.
Taiwan came out on top, luring 63% of the projects for renewable energy in developing nations, followed by Chile with 54%.
Greenfield investment in Morocco doubled to $15 billion due to plans by Total Eren to erect a hydrogen and green ammonia production plant in Morocco for more than $10 billion.
Developing nations face a deficit gap in annual investment as they try to meet the Sustainable Development Goals by 2030. Currently, the investment gap amounts to around $4 trillion per year, up $2.5 trillion from 2015.
Despite the expansion of sustainable financing, the investment gap for achieving these global targets is growing, based on the World Investment Report’s data.
Three-quarters of the projects in these nations manufacture hydrogen by electrolysis using renewable energy and green hydrogen.
Green hydrogen is produced continentally in Niger, Namibia, Egypt, Mauritania, and South Africa in addition to Morocco.
Developing nations require around $1.7 trillion in annual investments in renewable energy, but only $544 billion in foreign direct investment was made in the sector last year.
Support is needed for developing nations to increase investment and hasten the switch to sustainable energy. The report recommended coming to an agreement that outlines priority actions, beginning with funding systems and ending with investment plans, to guarantee the availability of sustainable energy for everyone.
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