Renewable energies: Morocco in the top 10 beneficiaries of international public financial flows, according to a report

Renewable energies: Morocco in the top 10 beneficiaries of international public financial flows, according to a report
Renewable energies: Morocco in the top 10 beneficiaries of international public financial flows, according to a report

A new report shows that Morocco’s commitment to sustainable development allows it to attract significant international funding.

This is the latest edition of the SDG Tracking report published by the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the World Bank, the United Nations Statistics Division (UNSD) and the World Health Organization (WHO).

This document shows, in fact, that Morocco is ranked 9th beneficiary of international public financial flows in favor of renewable energies (RE), with 5.6 billion dollars during the period 2010-2022. The majority of this amount is intended for solar energy, ahead of wind energy, other renewable energies and hydroelectricity.

Read also: Financing sustainable development in Africa: Morocco, an example to follow

The Kingdom thus comes second in the Middle East and North Africa (MENA) region, close behind Egypt ($5.7 billion). The ranking is topped by India which received 15.6 billion dollars.

Overall, the report notes that renewable energy has shown growth “robust» over the last two years, while the rates of improvement in energy efficiency are gradually recovering in a vigorous manner, after the decline observed following the Covid-19 pandemic, even if these advances are not enough not to guarantee the achievement of the target set for the SDG.

The urgency of accelerating investments in renewable energy

The SDG, recalls the report, consists of guaranteeing, by 2030, access for all to reliable, sustainable and modern energy services at an affordable cost. This includes ensuring universal access to electricity and clean cooking methods, doubling the rates of improvement in energy efficiency and significantly increasing the share of renewable energy in the energy mix. global.

The authors of the report insist on the need to take immediate concrete actions to achieve these objectives, and in particular to remedy the strong disparities observed in the level of investments in clean energies, which remain 80% concentrated in 25 countries in 2022.

To do this, Francesco La Camera, Director General of IRENA notes that “the international community must realize the urgency of accelerating investments in renewable energy infrastructure and sustainable technologies, with a focus on least developed and developing economies“.

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