Morocco to spend $13bn on green investments over next 4 years
North African country, Morocco, will spend $13bn on green investments over next 4 years.
This was announced by King Mohammed VI, who chaired a meeting on Saturday December 03, 2022 at the Royal Palace in Rabat and made a presentation of the new green investment program of the OCP Group (2023-2027) and the signing of the relevant protocol agreement between the government and OCP group.
The ceremony is part of the proactive orientation promoted by the King, for many years, in matters of transition towards green energies and low-carbon economy.
The ceremony came in the morrow of the work meeting presided over by the Sovereign, last November 22, devoted to the development of renewable energies and to the new perspectives in the field.
At the beginning of the ceremony, OCP group Chairman and Chief Executive Officer, Mostafa Terrab, presented before the King the results of the group’s first investment program, subject of the High Royal Guidelines in 2012, and which helped solidly anchor OCP in the fertilizers market.
The group relied on research and development capabilities of the Mohammed VI Polytechnic University (UM6P) to seize the opportunities offered by the new industrial and digital technologies and to develop an expertise in innovative technologies for balanced fertilization to take up the challenges of sustainable agriculture and food security.
Mr. Terrab then made an exposé before the Sovereign on the group’s new investment program. The program revolves around increasing the fertilizer production capacities, while committing to achieve carbon neutrality before 2040 by relying on the unique source of renewable energies as well as on the Kingdom’s progress in this field, under the leadership of King Mohammed VI.
By investing in solar and wind power, the group plans to feed all its industrial facilities with green energy by 2027. The low-carbon energy will also be used to supply the new seawater desalination capacities in order to meet the group’s needs and provide the areas around OCP sites with drinking and irrigation water.
This investment will help the group, first world importer of ammonia, to eventually end reliance on these imports by also investing in renewable energy – green hydrogen – green ammonia sector, allowing the group to strongly enter the market of green fertilizer and of fertilization solutions adapted to the specific needs of different soils and crops.
This ambition will be backed by supporting programs for industrial Small and Medium Enterprises and those operating in the sectors of energy and agriculture, hence, favoring the emergence of an innovative national ecosystem and the creation of new employment and job integration opportunities for the youth.
The new program, which will help consolidate OCP’s world position, provides for a global investment of 13 billion dollars (130 billion dirhams) over the period 2023-2027, the achievement of a local integration rate of 70%, the backing of 600 Moroccan industrial enterprises and the creation of 25000 direct and indirect jobs.
This ceremony was attended by the Head of Government, the Advisors to His Majesty the King and members of the government.
Source: Embassy of the Kingdom of Morocco