The European Union and Morocco on Tuesday agreed to partner in the fight against climate change, energy transition, environmental protection and the transition to a green economy.
A memorandum of understanding (MoU) was signed by the European Commission's (EC) vice-president Frans Timmermans and Morocco's minister of foreign affairs Nasser Bourita in Rabat.
The partnership, described as the first of its kind for the EU with another country, is aimed at supporting the transition to a green economy through carbon emissions reduction and investments in renewable energy and green technology.
In his speech, Timmermans expressed hope that the MoU will be the beginning of cooperation between the EU and Africa in facing climate, food and energy crises caused by geo-political tensions.
Timmermans noted that the EU has already invested EUR 700 million (USD 688.45m) in Morocco's renewable energy market over the last few years. The deputy head of the Commission described Morocco's potential for renewable energy as limitless which, in his words, opens opportunities for the electrification of the North African country and its industrial and economic development. He also reaffirmed the Union's plan to expand the areas of cooperation to include also green hydrogen.
Additionally, Timmermans expects the partnership to lead to the creation of new industrial value chains such as green steel production in Morocco.
(EUR 1 = USD 0.984)
Choose your newsletter by Renewables Now. Join for free!
