Dar es Salaam - Morocco's Minister of Energy Transition and Sustainable Development, Dr. Leila Benali, has urged for collaborative and innovative solutions to electrify Africa and foster sustainable development. Speaking at the Africa Head of State Energy Summit, Dr. Benali emphasized the need for reformed financing models, strengthened regional connectivity, and leveraging Africa's potential as a global energy hub.
Key Points:
Regional Connectivity: Dr. Benali highlighted the importance of regional energy connectivity, citing Morocco's recent MoU with Mauritania to develop an electricity interconnection as an example. This initiative aims to create an "Atlantic Corridor" to unlock Africa's growth potential.
Financing Innovation: The minister stressed the need to move beyond traditional funding models and develop bankable projects by 2025. This includes focusing on power plants, green shipping fuels, pipelines, and grid expansion.
Local Focus: Dr. Benali advocated for adapting business models to prioritize local, distributed generation and technology flexibility to accelerate electrification programs. Morocco's successful rural electrification program, reaching 99.8% coverage, was cited as a model for overcoming the "last-mile challenge."
Private Sector Engagement: Morocco aims to facilitate sustainable energy development across Africa by attracting private capital and structuring bankable projects. This includes prioritizing local industrial content, with a minimum 30% mandate for renewable projects.
Multilateral Finance Reform: Dr. Benali echoed calls for reforming multilateral financial institutions to better address Africa's energy financing needs, aligning with calls from His Majesty King Mohammed VI.
"OTC Corridor" Vision: Morocco aims to create an "OTC corridor" – Originate, Transit, and Certify – to facilitate sustainable energy development across the continent.
Morocco's Experience: With 30 years of experience in attracting private capital and developing energy projects, Morocco aims to share its expertise with other African nations. This includes developing technologies for batteries, storage, and grid management, while fostering collaboration between Africa, Europe, and the Atlantic basin.
By emphasizing regional cooperation, innovative financing, and leveraging its own successful experiences, Morocco seeks to play a key role in accelerating Africa's energy transition and achieving sustainable development goals.
[Copyright (c) Global Economic Times. All Rights Reserved.]
