January 23 , 2024
Morocco wants to raise its GDP growth over the current 3% level and reach its 2021 New Development Model by increasing its energy production capacity.
It intends to build 9 GW of energy capacity by 2027, with 7 GW coming from renewable sources, according to Energy Minister Leila Benali’s announcement. About $9 billion will be needed to achieve this ambitious target, and over the next four years, Morocco intends to invest an additional $4 billion in its gas sector.
Benali underlined the necessity of adapting to renewable energy’s erratic nature and getting ready for the rise of a new hydrogen economy in tandem with the production of ammonia and green methanol. Morocco’s increasing economic and demographic expansion is reflected in its rising energy consumption.
The nation’s goal of producing more energy is a component of a bigger plan to implement the 2021 New Development Model, which seeks to increase GDP growth from the present 3% level.
Morocco wants to supply 52% of its electricity from renewable sources by 2030, and it wants to be a competitive player in the renewable energy space, especially in green hydrogen. The nation’s largest producer of phosphates, OCP Group, is to invest $7 billion in an ammonia factory in Tarfaya – southern Morocco that will substitute green hydrogen for natural gas.
One of Morocco’s main sectors, the phosphate sector, will benefit greatly from this project’s acceleration of the green energy transition.
Morocco’s objective to obtain 52% of its electricity from renewable sources is considered the most realistic ambition in the Middle East and North Africa (MENA) region, according to Global Energy Monitor.
However, with 3.5 GW of potential utility-scale solar and wind power still to come, Morocco might come extremely close to meeting its renewable energy goals. Morocco is expected to achieve its target, provided that significant projects related to hydrogen and exports do not divert resources and funding.
Given the foregoing, Morocco has installed a substantial amount of wind energy, surpassing the 4.3 GW installed capacity of South Africa, signifying a notable rise in renewable energy.
Source: Energy Ghana