Morocco has secured a place among the top ten countries globally in attracting international public financing for renewable energy projects.
According to a new report by a consortium of international organizations, Morocco ranked 9th, receiving a total of $5.6 billion between 2010 and 2022.
The report, compiled by the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the World Bank, the United Nations Statistics Division (UNSD), and the World Health Organization (WHO), tracks progress towards achieving the UN’s Sustainable Development Goals (SDGs).
Morocco’s strong performance in attracting renewable energy funding highlights the country’s commitment to sustainable development.
The majority of the funds secured by Morocco have been directed towards solar energy projects, followed by wind power and other renewable sources, including hydropower.
This strategic focus has established Morocco as the second-largest recipient of renewable energy funds in the Middle East and North Africa (MENA) region, trailing only Egypt with $5.7 billion.
India remains the global leader, attracting a staggering $15.6 billion during the same period.
While the report acknowledges a “strong” resurgence in renewable energy investment globally over the past two years, it also warns that the current pace of progress may not be sufficient to achieve the ambitious targets set out in the SDGs.
Energy efficiency improvements, which saw a significant decline due to the COVID-19 pandemic, are slowly recovering but remain a critical area for further investment.
In 2023, the World Investment Report, released by the United Nations Conference on Trade and Development (UNCTAD) under the title “Investing in Sustainable Energy for All,” ranked Morocco among the top ten developing economies in terms of attracting international investment in renewable energy during the period from 2015 to 2022.
Morocco commands a significant share of renewable energy projects worldwide, holding over a third (34%) of the total value among the top ten developing and emerging economies.
These countries include Brazil, Vietnam, Chile, India, Kazakhstan, Taiwan, Egypt, Mexico, and Indonesia.
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