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An agreement between the EBRD and Morocco to promote green investments

The European Bank for Reconstruction and Development (EBRD) and the Solar Energy and New Energies Research Institute (IRESEN) signed a memorandum of understanding in Rabat intended to strengthen their cooperation for the promotion of investments aimed at to accelerate Morocco’s green energy transition.

The scope of this cooperation will cover a number of areas of common interest, including green hydrogen, renewable energies, smart grids, energy efficiency, energy storage and sustainable mobility, according to a joint statement of the EBRD and IRESEN.

“We are very proud to partner with IRESEN to strengthen our commitment to Morocco’s green transition. Meeting the climate challenge is not an option, but an obligation. It is therefore important to explore all credible clean energy technologies to accelerate the country’s green energy transition. This is the subject of our memorandum today,” said Antoine Sallé de Chou, Director of the EBRD in Morocco, quoted in the statement.

Harry Boyd-Carpenter, EBRD Managing Director for Green Economy and Climate Change, said, “The Bank is fully committed to supporting the development of green hydrogen value chains. In combination with competitive renewable electricity, green hydrogen is a key ingredient to accelerate decarbonization and has great potential in North Africa. We are very happy to start our cooperation with IRESEN today”.

IRESEN Director General Badr Ikken stressed, for his part, that the Institute welcomes this new agreement with the EBRD aimed at supporting the acceleration of the energy transition of the Kingdom, noting that the agreement sealed today hui is a pledge of confidence in the work of IRESEN teams, for 10 years now, in supporting Morocco’s energy strategy, in terms of R&D, innovations and capacity building.

In addition, he added, “this partnership further proves that the decarbonisation of our economies also requires the development and adoption of sustainable technological solutions adapted to our context. This is the main objective of this alliance between the EBRD and IRESEN”.

Morocco is recognized for having a very ambitious energy strategy (the country is committed to achieving by 2030 more than 52% of the installed electricity production capacity from renewable sources) and is a regular pioneer of new green technologies, says the press release.

In Morocco, the EBRD supports the decarbonisation of the Moroccan energy mix as well as the country’s green and sustainable energy through direct and indirect financing and political dialogue initiatives.

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