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Morocco needs to make investments to the tune of $53 billion to decarbonise its economy by the 2050s, the World Bank said in a report.
The Morocco Country Climate and Development Report (CCDR) said the total investment needed to put the North African country firmly on a resilient and low carbon pathway by the 2050s would be around $78 billion in present dollar value.
Decarbonising the economy is one the three priority areas listed by the report for urgent climate action, in addition to tackling water scarcity and droughts and enhancing resilience to floods.
On decarbonisation, the report forecasted that over 85 percent of electricity could be generated from renewable energy (wind and solar) by 2050, up from 20 percent in 2021. There would be a net gain of at least 28,000 jobs per year (amounting to 140,000 jobs in five years) in the renewable energy and efficiency sectors alone. This excludes jobs from green hydrogen, electric mobility or other green industrial investment, which would boost employment further.
It estimated that decarbonisation will cost around $53 billion over the next three decades, but this will largely be shouldered by the private sector if suitable sector policies are implemented.
The net economic impact would be positive: less need for fossil fuels and ammonia imports; increased energy security; reduced air pollution, plus less vulnerability to international hydrocarbon price shocks.
According to the report, decarbonisation could also open the door for Morocco to become a net exporter of green energy and green hydrogen and position the kingdom as a hub for green industrial investment and exports, most notably to the European Union.
(Writing by P Deol; Editing by Anoop Menon)
