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Morocco Seeks to Invest Up to $2 Billion Annually in Renewable Energies

One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
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Morocco Seeks to Invest Up to $2 Billion Annually in Renewable Energies

One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)

Moroccan Minister of Energy Transition and Sustainable Development Leila Benali underlined the need to triple annual investment in renewable energies to prepare for a future economy based on green hydrogen.

The minister highlighted her country’s intention to invest in partnership with the private sector, with a budget ranging between one and two billion dollars annually, on a consistent basis, in order to build a stronger social and economic model and accelerate the energy transition.

Benali’s statements came during a plenary session entitled, “Green Hydrogen and the Road to COP28,” which was organized on Tuesday in Marrakesh within the framework of the third edition of the World Power-to-X Summit, which brings together renewable energy players to discuss the production of green hydrogen and its applications.

The Moroccan minister said that green hydrogen could constitute an effective solution to decarbonize the energy sector, especially in light of high energy consumption, stressing the need to “follow a practical approach to achieve our goals, including meeting 52 percent of our energy needs from renewable energy sources by 2030.”

Benali noted that Morocco has gained a great experience in renewable energies and possesses huge qualifications in the field. She pointed to the exceptional solar potential in several regions of the country, as well as political and legal stability, thanks to a favorable environment for investors and advanced partnerships with the European Union.

For her part, the EU Ambassador to Morocco, Patricia Llombart Cussac, said that Morocco has become a natural partner for building relationships in the energy sector, through its large energy resources, its proximity to Europe and the ties of friendship and cooperation that have developed at all governmental, entrepreneurial, societal and humanitarian levels.

The senior diplomat added that the European Union and Morocco have strengthened communication and developed an ambitious action plan for this green partnership, in the field of energy transition, adaptation to climate change, environmental protection, and the means to strengthen the green and blue economies.

Cussac added that hydrogen would become an essential element in decarbonizing energy systems, thus achieving climate goals.

The third edition of the World Power-to-X Summit is attended by more than 1,000 participants and 170 international experts, who share their expertise within the framework of 35 scientific sessions and five parallel events.

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Wright to Asharq Al-Awsat: Diversification, Investment Can Go Hand in Hand

US Energy Secretary during the press conference at the Saudi Energy Ministry (Reuters)
US Energy Secretary during the press conference at the Saudi Energy Ministry (Reuters)
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Wright to Asharq Al-Awsat: Diversification, Investment Can Go Hand in Hand

US Energy Secretary during the press conference at the Saudi Energy Ministry (Reuters)
US Energy Secretary during the press conference at the Saudi Energy Ministry (Reuters)

Amid growing global economic uncertainty driven by trade tariffs and their impact on oil prices, US Energy Secretary Chris Wright visited the Middle East this week, delivering a pointed message: energy abundance is essential for economic growth.
Wright stressed the importance of increasing supply to meet rising global demand, and urged Washington’s allies in the region to play a stronger role in stabilizing energy markets by boosting output.
Wright’s four-day visit to Saudi Arabia followed earlier stops in the United Arab Emirates and preceded his current visit to Qatar, part of a broader regional tour. His trip comes ahead of a planned visit to Saudi Arabia by US President Donald Trump in May.
During his meetings in the kingdom, particularly with Saudi Energy Minister Prince Abdulaziz bin Salman, Wright discussed prospects for strengthening bilateral cooperation across various segments of the energy sector.
During his visit, Wright announced a forthcoming agreement between the United States and Saudi Arabia covering a wide range of energy-related fields. The deal, expected to be signed at a later date, will focus on the development of energy resources and infrastructure, including mining, civil nuclear technology, and power generation.
Wright’s tour also included stops at King Abdullah University of Science and Technology (KAUST), the headquarters of state oil giant Saudi Aramco in Dhahran, King Fahd University of Petroleum and Minerals, and the King Abdullah Petroleum Studies and Research Center (KAPSARC).
Wright said the United States and Saudi Arabia share a unified vision to deliver more affordable energy at a time when global demand is expected to surge.
Speaking to Asharq Al-Awsat ahead of his stop in Qatar, Wright said Washington welcomes global producers who are working with the US administration to cut costs by increasing energy output, while maintaining market stability and security.
Wright dismissed concerns that Trump’s push to lower oil prices could undermine Gulf countries’ economic diversification strategies or discourage investment.
He said the United States has strong ties with Gulf Cooperation Council (GCC) states and that the message to partners in the Middle East is clear: energy abundance and economic growth are closely linked.
He added that President Trump’s commitment to lowering energy costs for Americans goes hand in hand with expanding investment relations with Gulf allies.
Wright stressed that the US is not asking partners to choose between diversification and investment.
Instead, the administration promotes energy diversification—calling for more innovation, more projects, and more opportunities for mutually beneficial growth. He said countries in the region are not seen only as energy producers, but as strategic partners in shaping the energy systems of the future.
Wright’s comments come as Gulf states deepen their economic engagement with Washington. Saudi Crown Prince Mohammed bin Salman told President Trump in a recent phone call that Riyadh plans to expand trade and investment ties with the US by as much as $600 billion over the next four years, with potential for further increases if new opportunities arise. The UAE has also pledged around $1.4 trillion in investments over the next decade.
Wright said the US is highly encouraged by recent investment announcements from both the UAE and Saudi Arabia, as well as earlier Qatari commitments made during Trump’s first term, which are now producing results.
He said whether it involves AI infrastructure, liquefied natural gas, or nuclear innovation, the United States remains the most attractive and reliable destination for foreign investment.
He noted that the Trump administration is fostering a regulatory environment that encourages growth and innovation while offering competitive returns. He welcomed the capital, expertise, and long-term vision of US partners in building a secure and prosperous global energy future.
Wright also addressed US efforts to ensure stable global oil supplies amid sanctions on major producers like Iran, Venezuela, and Russia.
He said the scale of growing energy demand is clear when considering both the energy-intensive development of artificial intelligence and the reality that only one billion of the world’s eight billion people currently enjoy access to energy-rich lifestyles.
He said Trump is pursuing an energy expansion agenda focused on improving global living standards.
The US, Wright said, is already playing its part, producing record volumes of oil and natural gas. He urged Middle East allies to help meet rising demand, diversify sources of supply, and continue delivering reliable, affordable energy to global markets.
Wright, accompanied by Saudi Energy Minister Prince Abdulaziz bin Salman, visited Dammam Well No. 1—the first oil well drilled in Saudi Arabia in 1935 by the Arabian American Oil Company, later known as Saudi Aramco.
The site marked the launch of the kingdom’s oil industry and a turning point in its economic transformation.
Reflecting on his visit to Dammam Well No. 1, Wright told Asharq Al-Awsat that Saudi-US energy cooperation began 90 years ago, when the first oil well in Saudi Arabia was drilled by a predecessor to Chevron in partnership with the Saudi government.
He recalled how, after spending large sums and drilling seven dry wells, the company was on the verge of abandoning exploration in the kingdom. But Max Steineke, a bold American geologist, refused to give up—he drilled deeper and struck oil, changing the course of Saudi history, benefiting both nations, and reshaping the path of global economic prosperity.
Wright said the visit reinforced his confidence that the US-Saudi relationship remains vibrant today. Working together, he added, the United States aims to achieve prosperity at home and promote peace across the globe.