Attijariwafa Bank and AMEE join forces to promote green investment projects in Morocco

The two business groups have met to draw up a document aimed at improving energy efficiency and boosting the green energy economy
Sede del banco marroquí Attijariwafa en Casabalanca AFP/FADEL SENNA

AFP/FADEL SENNA  -   Headquarters of the Moroccan bank Attijariwafa in Casablanca

Attijariwafa Bank and AMEE, the Moroccan Agency for Energy Efficiency, have just met to start projecting new plans for the future. The two groups have concluded a meeting with a jointly drafted document that aims to start pushing for new green projects in the field of energy efficiency in the Alawi kingdom.

The report focuses specifically on supporting and assisting other companies in structuring new programmes. All of them are framed in a context in favour of energy efficiency, that is, how we can use other types of energy that are cleaner and safer and that help to collaborate in the current situation of climate change, and reduce the effects of greenhouse gas emissions. In addition, it is intended to boost plans to initiate a transition to a green economy in the Kingdom and move away from reliance on non-renewable energies.

Esta imagen de satélite publicada por Maxar Technologies el 20 de mayo de 2021 muestra una vista del Parque Solar Noor a unos 10 kilómetros al noreste de la ciudad de Ouarzazate, en el sur del valle del Draa, en la región de Tafilalet AFP PHOTO/ Satellite image �2021 Maxar Technologies
AFP PHOTO/ Satellite image 2021 Maxar Technologies - This satellite image released by Maxar Technologies on 20 May 2021 shows a view of the Noor Solar Park about 10 kilometres northeast of the city of Ouarzazate, in the southern Draa Valley, in the Tafilalet region.

The meeting is also part of the Attijariwafa Bank Group's accreditation with the United Nations Green Climate Fund (GCF). This organisation is primarily an international financial mechanism that assists countries, upon request, in their energy transition in order to respond to the consequences of climate change.

The only requirement to start carrying out projects is that they are in line with the objectives imposed by the Paris Agreements. Since 2016, 197 countries have adopted measures in accordance with this treaty to avoid a global temperature increase, which is feared to rise more than two degrees Celsius and would mean an irreversible global crisis with negative consequences.

Molinos de viento generadores en Jbel Sendouq, en las afueras de Tánger, Marruecos PHOTO/REUTERS
PHOTO/REUTERS - Windmill generators at Jbel Sendouq, on the outskirts of Tangier, Morocco.

Morocco has been developing new projects to combat this situation for years. The meeting also coincided with the celebration of the 15th Energy Conference of the Mena Zone. Rabat hosted this forum where the energy transition and new ways of promoting alternatives to the most obsolete energies were discussed. The event was attended by the United Arab Emirates as guest of honour, which is also beginning to develop projects of this kind.

The Kingdom has taken a very beneficial path, with numerous upward developments towards the ecological transition. Morocco is a country that allows for the development of green projects in abundance. The Kingdom's strategic location, with its desert, beach and other climates, allows it to increase its renewable energy production. In addition, its climate is very conducive to the development of these as it has long hours of sunshine and also wind and air is very favourable. The latest data show that its production of clean energy has increased by 37%.

Autobús eléctrico operado por la empresa española Alsa, circulando en una prueba en la ciudad de Marrakech, al sur de Marruecos PHOTO/AFP
PHOTO/AFP - Electric bus operated by the Spanish company Alsa, on a test run in the city of Marrakech, southern Morocco.

The implementation of sustainable development gives Morocco the status of the MENA region that invests the most in this area, according to MIT Technology magazine. In addition, many foreign companies are seeing the country's innovation in these terms and are beginning to enter a market that Morocco is gradually beginning to lead.

The importance of the Alawi country in pursuing this green development is paying off and is being applauded internationally. Simon Martin, the UK ambassador to the Kingdom, said that Morocco is now a world leader in the fight against climate change and that its progress in the transition to renewable energy is enormous.

The country's vision, framed under its plan known as the National Energy Strategy, states that it will surpass its current target of 52% of the national electricity mix by 2030. As of today, more than 60 projects related to this sector are underway and producing an amount of energy close to 4.6 gigawatts to reach its commitment in eight years' time