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Economy

Morocco's Journey to Energy Independence: A 21% Decrease in Energy Imports

Tuesday 02 January 2024 - 09:10

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Morocco has achieved a significant milestone on its path to energy independence. The North African nation successfully slashed its energy import bill by more than 21% in the first 11 months of 2023 compared to the previous year, as announced by the Moroccan Office of Exchange on Tuesday.

This substantial reduction, translating into savings of nearly MAD 18 billion (USD 1.8 billion), can be largely attributed to the decreased importation of critical energy products such as diesel, fuel, and crude oil. Specifically, diesel and fuel imports experienced a notable decline of 17.6% in price and 9.7% in volume from January to November 2023.

The decline mirrors Morocco's strategic shift towards increased reliance on domestic energy production, driven by major projects such as the Noor solar plant complex and various wind farms. An official from the Energy Ministry emphasized, "By advancing our renewable energy sources, Morocco aims to diminish its dependence on imported petroleum and mitigate the impact of fluctuations in global oil and gas markets."

Furthermore, with upcoming developments like the Tendrara gas field, the Office of Exchange anticipates a further reduction in energy imports in 2024. "Morocco is steadfastly progressing towards achieving the targeted 52% share of renewable energy in installed electrical power capacity by 2030, as outlined in our energy strategy," the official added.

This transition brings Morocco closer to realizing the coveted goal of energy independence, coupled with substantial savings in foreign reserves a positive signal for the Moroccan economy.