Renewable Energy Financing launched by EBRD & UfM at COP22

With the partnership of organizations such as the European Bank for Reconstruction and Development (EBRD) and the Union for the Mediterranean namely UfM, a new funding platform has been established in order to empower the private companies in the industry of renewable energy particularly in the MENA region.

The SPREF program or the SEMED Private Renewable Energy Framework was introduced during the 22nd Conference of Parties for Climate Change in Marrakech in EU Energy Day’ commemoration.

It is financial agenda amounting to €227.5 million aiming to  assist the said region in gradually let go of its reliance on imported hydrocarbons for its energy requirements.

One example of the countries that are experiencing the situation is Morocco. According to the Interim Minister of Energy of Morocco, the Kingdom practically hinges on the fossil fuels derived from outside of the country as a source of energy.

Moreover, the agenda is intended to organize supplementary investment of around €800 million derived from groups for Clean Energy.

The EBRD has put in more than €1 billion since 2012 to finance and develop around 40 green projects located in the southern and eastern Mediterranean (SEMED) region.

The entrepreneur, Mohamed Dekkak, is pleased about the framework as he is an advocate of clean energy. He is also an advocate for the development and dynamism of youth in the Arab world being the Chairman of the Arab Peace Corps in the USA. With regards to his aspiration for a lesser carbon dominated environment, he and his team in the Council on Arab World Relations with Latin America and the Caribbean or CARLAC have held a side event at COP22 regarding the role of renewable energy in alleviating carbon emissions in the MENA and Latin America regions.

The program set the stage for an opportunity for deliberating energy policy objectives and measures, and to identify and implement joint initiatives. Twenty-eight member states of the EU and fifteen southern and eastern nations in the Mediterranean including the Kingdom of Morocco formed the Union for the Mediterranean.

As per the speech of the European Commissioner for Climate Action and Energy, the EU’s idea of an evolution in the energy mix is when the decarbonization drive is viewed as a way for the advancement and the effectiveness of the economy. Before November ends, the Smart and Clean Energy platform of the European Union will be unveiled.

The platform will be focused on financing supplemented by aimed practical assistance for the execution of development projects in renewable energy which is expected to decrease CO2 emissions by over 700,000 tonnes per year.

SPREF is included in the Renewable Energy and Energy Efficiency Discussion by the UfM. It is expected to nurture viable socio-economic growth, encourage more employment, and support to guarantee that all end users and businesses are provided with reliable, inexpensive and dependable energy amenities. Furthermore, the said platform will back up the energy resourceful markets and modification and adjustment to global warming in the two regions.

The initial project in the SPREF program is the 120 MW Khalladi wind farm which is found nearby Tangiers, in Morocco. It is currently one of the earliest private renewable energy projects in the Kingdom.

With the intention of boosting other private businesses’ confidence regarding the implementation of the financing framework SPREF, a symposium in participation of the COP22’s committee for Public-Private Partnerships (PPP), the Confédération Générale des Entreprises du Maroc (CGEM), and the Moroccan Agency for Energy Efficiency Management (AMEE) will open tomorrow.

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