The OCP Group and the French Development Agency (AFD) announce their reinforced commitment to the decarbonization of the Moroccan economy and to food security in Africa
HIBAPRESS-RABAT-Press release
On the occasion of the visit to Morocco on April 25 and 26 of Bruno Le Maire, French Minister of Economy, Finance and Industrial and Digital Sovereignty, the OCP Group, world leader in plant nutrition and fertilizers phosphates, and the French Development Agency (AFD) announce their reinforced commitment to the decarbonization of the Moroccan economy and to food security in Africa.
The partners share a common vision for a sustainable global future, based on the actions they take together to achieve the United Nations Sustainable Development Goals (SDGs).
Contribution to decarbonization constitutes a central pillar of the 2022-2026 strategy of the AFD group in Morocco. In this context, AFD and the OCP Group are studying the granting of a loan of up to 350 million euros in favor of the OCP Group. This loan will target the development of green hydrogen and ammonia, renewable energies and the formation of human capital, among the components of the OCP Group’s green investment program covering the period from 2023 to 2027.
This program, with a total value of 13 billion dollars, will allow the Group to use 100% unconventional water in 2024 (to ensure its total autonomy, including a seawater desalination capacity of 560 million m3 per year by 2026), 100% clean energy by 2027 and achieving total carbon neutrality by 2040 (Scopes 1 and 2 by 2030, and Scope 3 by 2040), while increasing the production of green manure.
The OCP Group promotes the emergence of an innovative and integrated ecosystem in Morocco, comprising around 600 companies in the energy, agriculture and industry sectors and creating around 25,000 jobs. This green investment program will provide farmers around the world, and particularly in Africa, with sustainably produced fertilizers tailored to their specific crops, climates and soils. Combined with support for innovative precision agronomic practices and access to financing and markets, this OCP Group strategy will enable farmers to maximize their productivity to help ensure global food security, while combating climate change.
The two partners thus consolidate their commitment to the low-carbon transition, strengthening the skills necessary for the development of the green hydrogen sector, and sustainable and inclusive agriculture for food security in Africa.
