Morocco investing $13 billion in phosphate to achieve carbon neutrality before 2040
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King Mohammed VI, chaired, on Saturday December 03, 2022 at the Royal Palace in Rabat, the presentation ceremony of the new green investment program of the OCP Group (2023-2027) and the signing of the relevant protocol agreement between the government and OCP group.
The ceremony is part of the proactive orientation promoted by the King, for many years, in matters of transition towards green energies and a low-carbon economy. The ceremony comes in the morrow of the work meeting presided over by the Sovereign, last November 22, devoted to the development of renewable energies and to the new perspectives in the field.
At the beginning of the ceremony, OCP Group Chairman and Chief Executive Officer, Mr. Mostafa Terrab, presented before the results of the group’s first investment program, which helped solidly anchor OCP in the fertilizers market. By trebling its fertilizer production capacity, OCP group is today positioned as one of the world’s leading producers and exporters of phosphate fertilizers.
The group relied on the research and development capabilities of the Mohammed VI Polytechnic University (UM6P) to seize the opportunities offered by the new industrial and digital technologies and to develop expertise in innovative technologies for balanced fertilization to take up the challenges of sustainable agriculture and food security.
Mr. Terrab then made an exposé before King Mohammed VI on the group’s new investment program. The program revolves around increasing the fertilizer production capacities while committing to achieve carbon neutrality before 2040 by relying on the unique source of renewable energies as well as on the Kingdom’s progress in this field.
By investing in solar and wind power, the group plans to feed all its industrial facilities with green energy by 2027.