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The European Bank for Reconstruction and Development (EBRD) approved a three-part 2024-2029 country strategy (pdf) for Morocco, according to a statement published last week. The strategy sets a goal to increase the kingdom’s renewable energy capacity, improve water conservation, and expand decarbonization initiatives through energy efficiency and climate resilience. The size of the bank’s upcoming investments have not been disclosed, but the last strategy period saw EBRD invest over USD 1.7 bn into the country’s green transition efforts.
How they’ll do it: The goal of diversifying the country’s energy mix to reduce emissions will be achieved through providing funding for private renewables projects as well as state-owned firms and distribution companies to further expand the grid — an essential requirement to adding more renewables capacity. Funding will also be granted to encourage policy engagement aimed at opening up the private sector, supporting new green technologies.
To improve water security and conservation, EBRD will support the government in improving accessibility, invest in renewable powered desalination plants, and finance water infrastructure projects. With regards to the goal of pushing decarbonization and climate resilience, the bank will look for policy and client support, make green and circular economy investments, and promote the use of alternative fuels in the transport sector.
International partners could cooperate with EBRD: Several international banks have cooperated with EBRD in the last nine years to provide financial support for Morocco’s green sector including the World Bank, the EU, African Development Bank, KfW Development Bank, European Investment Bank, and the French Development Agency. Some of the investments were made under the Team Europe Initiatives — projects in which the EU and European financial institutions use their resources and expertise to further development.
