Rabat - Due to its prominent status as a renewable energy hub in recent years, Paddy Padmanathan, chairman and CEO of ACWA Power Group, has praised Morocco's “green energy revolution” on Wednesday, at the World Economic Forum in Davos.

The World Economic Forum had a panel discussion on the theme “New energy economy: learning from existing obstacles,” with participation from Mohcine Jazouli, Minister Delegate to the Head of Government in charge of Investment, Convergence, and Evaluation of Public Policies.

During the discussion, the CEO of ACWA Power emphasized Morocco's achievements and growth in the generation of solar and wind energy under the initiative of King Mohammed VI. He also praised Morocco's assets and favorable business climate in this industry.

Over the last two decades, the development of wind and solar energy has gained traction and pace in Morocco, allowing the country to become a renewable energy leader in North Africa.

Morocco has progressed from a near-entire reliance on fossil fuels in 2018, to a MENA leader in renewable energy today.

Since Morocco's original energy mix mostly relied on imported oil and gas, the country has set an ambitious renewable development target to reduce its energy dependence.

Morocco began investing in renewable energy in 2000. Since 2006, Morocco has intensified its renewable energy deployment to reach 42% of the energy mix by 2020, 52% by 2030, and 80% by 2050.

With these targets, Morocco intends -- for the long term -- to cut its use of conventional thermal power stations, including coal, natural gas, and fuel oil while only depending on smart grid technologies for storage and demand management.

In 2020, the share of renewable energy in Morocco, including hydroelectric power generation, increased from 6% in 2000, to 19%, matching France and Tunisia.

In 2022, renewables contributed to 4,400 MW of the country's total installed electrical capacity of 11,130 MW, up from 3,685 MW at the beginning of 2020.

These promising outcomes are the fruits of the “Noor Complex” -- the world's biggest concentrated solar farm -- which has the capability to power over a million households while substantially lowering dependency on fossil fuels.

Minister Delegate ​​Mohcine Jazouli, for his part, highlighted the success story of “green energy in Morocco and the attractive opportunities for investment that the Kingdom provides in this sector.”

These developments, he said, “are backed by a well-developed regulatory system,” citing the contribution of Masen, the Moroccan Agency for Sustainable Energy.

British economic journalist Martin Wolfwas moderated the panel, which was also a chance to address the challenges and opportunities associated with the shift from fossil-fuel-dominated power generation to clean and green modes.

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