SeeNews Renewables
by Mariyana Yaneva
Morocco, which has offered to host COP22, will chase after ambitious climate targets at COP21 and bets on green energy for most of it.
The Morocco intended nationally determined contribution (INDC) came in June, well in advance of the new universal climate change agreement which is expected to be reached at the UN climate conference in Paris, in December this year.
The country pledged to reduce its greenhouse gas emissions by 32 % by 2030 compared to “business as usual” projected emissions.
This ambition rests, to a large extent, on a major transformation of the energy sector. The main objectives behind this transformation are:
• Reaching over 50 % of installed electricity production capacity from renewable sources by 2025;
• Reducing energy consumption by 15 % by 2030;
• Substantially reducing fossil fuel subsidies, building on reforms already undertaken in recent years;
• Substantially increasing the use of natural gas, through infrastructure projects allowing liquefied natural gas imports.
Morocco has calculated that meeting the greenhouse gas target in 2030 will require an overall investment in the order of USD 45 billion (EUR 41.2bn), of which USD 35 billion is conditional upon international support through new climate finance mechanisms, such as the Green Climate Fund.
It seems outside financing may not be as hard to get as it seems at first glance.
The European Bank for Reconstruction and Development (EBRD) and two partners will offer USD 250 million in debt and equity funding for renewables projects by private firm in Morocco, Egypt, Tunisia and Jordan.
The bank announced the financing programme on November 2, saying the first project to be backed by it would most likely be the 120-MW Khalladi wind farm near Tangiers in Morocco. The signing of a financing deal for the latter is expected in the near future.
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Mariyana is a founding member of the SeeNews Renewables team. With eight years of professional experience in renewable energy she has built strong expertise in the wind industry and Eastern Europe markets.
