MOROCCO – Morocco’s Attijariwafa Bank has signed a cooperation agreement with the Moroccan Agency for Energy Efficiency (AMEE) to promote and accelerate green financing in the field of energy efficiency.
The agreement was signed by Chairman and CEO of the Attijariwafa Bank Group Mohamed El Kettani and CEO of AMEE Said Mouline.
The two CEOs concluded their meeting with a jointly prepared document with the aim of starting to promote new renewable energy projects in Morocco.
The Attijariwafa Bank-AMEE collaboration is part of Morocco’s desire to accelerate its energy transition amid heightened awareness of the effects of climate change.
Poised to contribute to the North African country’s green energy transition, the two institutions intend to accelerate green financing in the field of energy efficiency, particularly with the Attijariwafa bank group’s accreditation to the United Nations Green Climate Fund (GCF).
The GCF is an international financial mechanism that helps developing countries respond to the consequences of climate change.
The only requirement for starting a project is that it be framed within the Paris Agreement, whose main goal is to strengthen the global response to the threat of climate change by maintaining global warming below 2.
A signatory of the Paris Agreement, Morocco has in recent months and years launched a number of new projects to combat climate change and accelerate the country’s energy transition.
The meeting between Attijariwafa Bank and AMEE took place at the same time as the 15th MENA Zone Energy Conference Held in Rabat.
The agreement follows a series of renewable energy projects the North African country has initiated.
Morocco has launched one of the world’s largest solar energy projects costing an estimated US$9 billion with a generation capacity of 2,000 MW by the year 2020.
The country experiences one of the highest rates of solar insolation among other countries, about 3,000 hours per year of sunshine and up to 3,600 hours in the desert.
The country’s implementation of sustainable development strategies has made it a regional leader when it comes to green policies and energy efficiency.
The country aims to increase the share of renewables in its total power capacity to 52% by 2030, 70% by 2040, and 80% by 2050.
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