Morocco Vows to Invest Over $ 40 Billion in Energy Sector by 2030

Published October 3rd, 2018 - 06:59 GMT
In order to implement these energy programs and projects, the Kingdom attaches great importance to the issue of encouraging investment in the energy sector in general and in the renewable energy sector in particular. (Shutterstock)
In order to implement these energy programs and projects, the Kingdom attaches great importance to the issue of encouraging investment in the energy sector in general and in the renewable energy sector in particular. (Shutterstock)
Morocco will invest more than 40 billion dollars in the energy sector by 2030, said Monday in Marrakech minister of Energy, Mining and Sustainable Development, Aziz Rebbah.
 

Speaking at the opening ceremony of the 11th Arab Energy Conference, Rebbah said that investments in the energy sector will reach 30 billion dollars for renewable energy electricity generation projects, which represents great opportunities for the national, regional and international private sector.

In order to implement these energy programs and projects, the Kingdom attaches great importance to the issue of encouraging investment in the energy sector in general and in the renewable energy sector in particular, he noted, adding that Morocco is making great efforts in this field through the adoption of several measures and the development of its legal arsenal with a view to improving the climate and framework conducive to encouraging domestic and foreign private investors.

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The minister also underlined that the energy sector in Morocco is characterized by increased demand for energy and almost total dependence on imports, noting that the Kingdom's overall consumption of primary energy amounts to 20.8 million tons in 2017, including oil (55.9%) and coal (25.5%).

Rebbah pointed out that renewable energies (wind, hydroelectric, solar) contribute 5.8%, whereas they represented only 2.6% in 2002, which has reduced the Kingdom's energy dependence from 98% in 2008 to 93% in 2017 and reflects the country's commitment to the energy transition process.


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