RES4Africa and the Ministry of Energy, Mines and Environment (MEME) of Morocco jointly organised a virtual event on Wednesday 17th February 2021 to discuss the REC market with public and private stakeholders in Morocco and abroad, and to stimulate demand for the Renewable Energy Certificates in Morocco.
In the last decade, Morocco has taken on a pioneering role in the transition to renewable energy. Under the National Energy Strategy launched in 2009, Morocco aims to generate at least 52% of renewable energy by 2030. Thus, implementing a REC system could be a way to foster renewables in the country.
RECs are a market-based instrument that certifies that electricity was produced by renewable sources and they are an effective way to increase the market demand for renewable energy. Moreover, RECs give companies and institutions a simple way to reduce the environmental impact of their business activities, avoiding CO2 emissions. By buying RECs, companies and institutions can demonstrate environmental leadership, sends a signal to the market that preference is to consume renewable energy and show commitment to changing energy behaviour.
Today, Morocco is in the list of the authorized countries for issuing the International Renewable Energy Certificates (I-REC). Yet, the market it is not fully developed and in order to foster it, raising awareness on the benefits of those certificates is fundamental.
The ambition of IREC Standard, a non-profit organisation created to provide a robust attribute tracking standard for use around the world, is to bring renewable electricity tracking to countries that do not have yet a national or regional solution in place.
Morocco could draw substantial benefits from a deeper development of the IREC market not only for Morocco but also towards neighbouring countries. Particularly for Europe, in November 2016 during COP 22, Morocco signed a joint declaration with France, Germany, Portugal and Spain to establish a Roadmap for facilitating Sustainable renewable Electricity Trade (SET Roadmap) between the European countries and Northern Africa.
Within this narrative, having a REC system in Morocco is pivotal to promote cross-continent trade of renewable energy. In this direction, a next step is needed: to ensure that the REC system adopted in Morocco will be recognised by the country importing the electricity.