Morocco aims to boost its renewable capacity to 12 gigawatts by 2030 as the North African country continues to develop new projects to meet its growing power needs and beef up its clean energy capacity.
The country will increase its renewable capacity in the next eight years from more than 5 gigawatts currently, a senior official told The National on the sidelines of the World Utilities Congress in Abu Dhabi on Monday. Renewables will form 52 per cent of the total energy mix by the time, up from 40 per cent currently.
“There is a big investment today to develop [renewables projects] in different regions of the country,” Said Mouline, director general of the Moroccan Agency for Energy Efficiency said.
“We have one of the most competitive wind and solar resources [and] that’s why we reached a very low price with renewables, less than 3 cents per kilowatt hour for wind and between 2 and 3 cents for solar PV.”
The total investment in new renewable projects would be in “billions of dollars”, he said, without disclosing the exact figure.
Morocco, which imports more than 90 per cent of its energy needs, has been one of the early adopters of renewable energy in the Middle East and North Africa.
It has also attracted investment from UAE companies such as Masdar. The Abu Dhabi clean energy company, in partnership with the National Office of Electricity and Drinking Water, has set up a Solar Home System Project to provide energy to nearly 20,000 homes in more than 1,000 rural towns across Morocco.
Masdar is also part of an international consortium that won a tender to construct an 800-megawatt solar power plant in Morocco. Masdar, along with France's EDF Renewables and Green of Africa, based in Casablanca, are constructing an 800MW Noor Midelt solar plant in Morocco.
Morocco is seeking investment from across the world to develop new projects, Mr Mouline said.
“The last tender for a wind project, we had 19 groups [competing[ from all over the world," he said. "At the end, we had three companies, we do infrastructure and they are doing investment.”
Dubai-based AMEA Power recently won a contract to build two solar power plants in Morocco.
The solar projects were awarded to AMEA Power as part of a large international tender launched by the Moroccan Agency for Sustainable Energy (Masen) and the Ministry of Energy Transition and Sustainable Development to construct the first phase of the multi-site solar energy Noor PV II programme, which has a capacity of 330MW.
Many resource-rich Middle Eastern countries are also investing in boosting their renewables capacity as they look to free up their crude for export and to cut emissions.
The UAE, Opec's third-largest oil producer, aims to become carbon neutral by 2050, with clean and renewable energy investments worth Dh600 billion ($163.5bn) planned over the next three decades.
Abu Dhabi, which accounts for a bulk of the UAE's oil production, is building the world’s largest solar plant at Al Dhafra with a capacity of 2 gigawatts, while Dubai is building the world’s largest solar energy park in an effort to reduce reliance on natural gas and diversify its power sources.
The Mohammed bin Rashid Solar Park is expected to generate 5,000MW of electricity by 2030 and to drive up to Dh50bn in investment.
Saudi Arabia, the Arab world’s largest economy, is also building new renewable energy projects as it aims to become carbon neutral by 2060. Jordan, Egypt and Oman are also boosting investments in renewables.
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
Countries offering golden visas
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Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
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Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
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The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
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Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
AIR
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Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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