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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on December 1 a Memorandum of Understanding (MOU) with TAQA Morocco. This MOU aims to strengthen cooperation between TAQA Morocco and JBIC in order to support collaborative projects with Japanese companies in the fields of energy transition and water supply. Specific areas of cooperation include energy transition, renewable power generation and transmission, seawater desalination and water transfer, which contribute to securing water supply, and green hydrogen, among others.
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In its National Low Carbon Strategy 2050, announced in 2023, the government of Morocco promotes decarbonization in the industrial sector and has pledged to phase out coal-fired power generation in the 2040s and aims to increase the share of renewable energy from 45% in 2025 to 96% by 2050. The government has also formulated Le Plan National de l’Eau as the basic plan for its water resources strategy through 2050, identifying water security as a key priority. TAQA Morocco is a leading company in Morocco’s power generation and water production sectors. It aims to support Le Plan National de l’Eau through efforts such as restructuring the country’s energy mix and promoting its low-carbon strategy. To this end, it is investing in projects with private and public partners including a seawater desalination plant with a planned capacity of 900 million cubic meters per year, and a water transfer infrastructure capable of transporting 800 million cubic meters annually by 2030.
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Morocco has established itself as a regional hub connecting Europe and Africa and is expected to play a vital role in ensuring Europe's energy security. At international conferences, the Moroccan government has announced its vision to serve as an “energy corridor linking Africa, Europe, and the Atlantic.” and European nations have also expressed their support.
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Furthermore, taking the opportunity of COP28 in 2023, the Moroccan government signed an MOU with the United Arab Emirates (UAE) to strengthen its bilateral cooperation across 12 areas. The Abu Dhabi Development Holding Company PJSC, a UAE sovereign wealth fund, has designated Morocco as a priority country and included the state-owned energy company TAQA Group, which includes TAQA Morocco, in its investment portfolio.
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Strengthening JBIC’s cooperative relationship with TAQA Morocco will contribute to reinforcing bilateral relations between Japan and Morocco and Japanese companies’ business activities in Morocco’s energy transition sector
*1. Furthermore, given Morocco’s strategic importance for Europe’s energy security, supporting its energy and water supply sectors will help strengthen collaboration between Japan and countries in Europe, Africa, and the Middle East on energy security. In addition, this initiative is also expected to promote cooperation between Japan and the UAE, both of which have been deepening their ties with Morocco.
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In the Fifth Medium-Term Business Plan, released in June 2024, JBIC aims to contribute toward realizing both carbon neutrality and economic growth. In addition, in its ESG Policy, released in October 2021, it is committed to pursuing ambitious and accelerated efforts to reduce its operational greenhouse gas (GHG) emissions to net zero by 2030 and achieve net zero emissions of its finance portfolio by 2050. The ESG Policy states that JBIC will contribute toward realizing global carbon neutrality by supporting and accelerating energy transitions toward a decarbonized society in emerging and developing countries. The signing of the MOU is in line with the Medium-Term Business Plan and the ESG Policy of JBIC.
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As Japan's policy-based financial institution, JBIC will continue to support the creation of business opportunities for Japanese companies through strengthened cooperation with important partners in the decarbonization sector.
