Rabat – As the world witnesses a gradual easing of inflationary pressures, it is urgent for Morocco to get serious about building confidence and seizing new opportunities, with the aim to strengthen the recovery and resilience of the national economy, King Mohammed VI said in a speech on Saturday.
While delivering a speech on the occasion of celebrating the Throne Day, the King recalled that the OCP Group’s Green Investment Program gave a boost to the country’s renewable energy deployment plan.
“I invite the government to speed up the implementation of this project, to make sure the requirements of quality are observed, to leverage our country’s significant potential in this regard, and to meet the expectations of leading global investors in this promising field,” the monarch stressed.
He continued that “to complete the implementation of the social protection project, I expect the payment of social benefits to the families concerned to start at the end of this year, as planned.”
OP’s ambitious program
Presented to King Mohammed VI in December 2022, the project covers the period between 2023 and 2027, as well as a memorandum of understanding (MoU) between the group and the Moroccan government, and aims to consolidate OCP’s international position as a leader in sustainability.
The new plan is in line with King Mohammed VI’s instructions relating to the need for a faster transition toward a carbon-neutral economy. OCP Group has been working for years to scale up investment in green energy production and carbon-neutral ventures.
The new strategy aligns with King Mohammed VI’s directives to expedite the shift towards a carbon-neutral economy. OCP Group has been diligently working to increase investments in eco-friendly energy production and carbon-neutral initiatives.
The primary goal of the plan is to enhance fertilizer production capacity while achieving carbon neutrality before 2040 through increased reliance on renewable energies.
OCP Group has set its sighs on substantial investments in solar and wind energy to power its industrial facilities by 2027.
In addition, green energy will be used to supply new seawater desalination capacities, catering to the group’s water needs and supporting surrounding areas with drinking and irrigation water.
The plan also covers reducing OCP’s dependence on ammonia imports, a vital element in fertilizer manufacturing, by transitioning to green hydrogen to meet ammonia requirements.
The investment plan also includes initiatives to support Small and Medium-Sized Enterprises (SMEs) in the industrial, agriculture, and energy sectors. The group envisions creating a national innovation ecosystem, offering opportunities for the youth.
Through this investment, OCP Group aims to provide support to 600 Moroccan industrial enterprises, generating 25,000 direct and indirect jobs.
OCP Group, being a significant fertilizer producer and a leading exporter of phosphate fertilizers, leverages the research and developent capabilities of the Mohammed VI Polytechnic University (UM6P) to seize technological opportunities and optimize production.
Read Also: Morocco Launches Mega Project to Boost Green, Low-Carbon Economy
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