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The International Renewable Energy Agency (IRENA) and the Ministry of Energy, Mines and Environment (MEME) of the Kingdom of Morocco have signed a strategic partnershp agreement to boost the North African country's renewables and green hydrogen economy, it was announced on Monday.
Under the agreement signed by IRENA Director-General Francesco La Camera, and Morocco’s Minister of Energy, Mines and the Environment, Aziz Rabbah, the two parties will actively pursue green hydrogen studies and jointly explore policy instruments to engage the private sector at a national level in the green hydrogen economy, IRENA announced in a press statement.
Morocco had revised upwards its renewable energy ambition with a decision to increase the share of total installed capacity to more than 52 per cent by 2030 – exceeding the country’s objective announced at COP21 in Paris.
IRENA and the MEME Morocco will work together to develop technology and market outlook studies, craft public-private models of cooperation in the hydrogen space, explore the development of new hydrogen value chains and lay the groundwork for the trading of green hydrogen at a national and regional level, the press statement said.
Furthermore, the two parties will promote renewable energy investments, including climate finance, through the development of solid project pipelines with enhanced bankability and the facilitation of access to finance, including in the context of Coalition for Sustainable Energy Access initiative and the Climate Investment Platform (CIP).
According to IRENA data, at the end of 2020, the Kingdom of Morocco had a total installed renewable energy capacity of almost 3.5 GW.
(Writing by SA Kader; Editing by Anoop Menon)
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