First-of-Its-Kind Green Deal Is Sealed

First-of-Its-Kind Green Deal Is Sealed

/ News & Interviews / Wednesday, 19 October 2022 07:37

European Commission Deputy Head Frans Timmermans and Moroccan Chief Diplomat Nasser Bourita signed a first-of-its-kind “green partnership” deal for cooperation on renewable energy production.

Through the MoU, the North African country will offer alternative energy sources for European nations who are looking for ways to reduce their dependency on fossil fuel derivatives. EU countries are currently paying hefty energy prices following Russia’s decision to cut off supplies as a retaliatory measure against the Western sanctions imposed on its oil exports.

The EU hopes that the deal will help them support “sustainable growth,” while Morocco has maintained that the current geopolitical conundrum has underscored the importance of reliability when it comes to energy. Also read: EU Leaders Gather to Rethink Energy Crisis Strategy

The MoU is set to boost cooperation on energy and the fight against climate change, with private sector involvement.

"It aims to foster the transition to a decarbonized industry through investment in green technology, renewable energy production, sustainable mobility and clean production in industry," statement reads.

In 2009, Morocco adopted an energy strategy aimed at increasing the share of renewables in electricity production to over 52% of the country's energy mix – up from around a fifth today.

With a coastline just 15 kilometers (10 miles) from mainland Spain, the country is the EU's main trading partner on the African continent.

Also read: EU Proposes Comprehensive Reform to Cut Energy Bills

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