Morocco ranked 4th globally per GDP in renewable energy
Morocco is ranked 4th globally in terms of investment per GDP in renewable energy, with $2 billion invested in 2015, reveals the latest report by the Renewable Energy Policy Network for the 21st Century (REN21).
To minimize its reliance on fossil fuel, and dependence on energy imports (especially from neighboring Algeria), Morocco is investing heavily on renewable energy. Overall, investments in the sector have experienced unprecedented performance in 2015 from $73 billion in 2005 to $273 billion in 2014, says the report published by REN21, a network of experts created in 2005 which the work aims to facilitate exchange on renewable energy in developing and industrialized countries.
According to the report, this increase favored by “technology to more competitive costs,” “political initiatives” including at the COP21, “growth in demand from emerging economies” or “better access to finance,” among others.
Globally, the total investment in renewable energy and fuels in developing countries in 2015 exceeded that of developed economies. Thus, China (classified as developing countries) stands as the world’s largest investor, with a budget which has appreciated by 17% to $ 102.9 billion, or 36% of the global total.
In terms of investment by GDP, Mauritania ranks first, followed by Honduras and Uruguay, when Jamaica followed suit after Morocco, whose investment was boosted by the Noor 1 solar power plant Ouarzazate.
The report reconfirms Moreover, the world leader in Morocco in terms of capacity of thermodynamic concentrating solar power (CSP). The Kingdom needs this position to the continued decline in prices following the national competitive bidding.
As a reminder, Morocco, awarded in 2015 by the (UNCTAD) for the promotion of energy investment, intends to inject $30 billion in clean energy by 2030.