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Morocco’s Attijariwafa Bank, Schneider Electric Join Forces to Promote Energy Efficiency

COP28: Morocco’s Attijariwafa Bank, Schneider Electric Join Forces to Promote Energy Efficiency
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Morocco’s Attijariwafa Bank and Schneider Electric Group inked, here Tuesday, a Memorandum of Understanding (MoU) to promote energy efficiency, under the supervision of the Ministry of Energy Transition and Sustainable Development.

Signed at the Morocco Pavilion of COP28, this MoU aims to formalize collaboration between the two parties in the study, development and implementation of energy efficiency solutions and the supply of electric equipment and solutions in new and renewable energy production plants within the framework of the Energy Strategy launched by the Kingdom.

Their bilateral cooperation provides for identifying customers and projects eligible for energy efficiency solutions, studying and implementing these solutions according to their respective competencies, seeking partners and subsidies, carrying out technical and financial studies, and financing energy efficiency projects.

This MoU is part of the implementation of the Sustainable Energy Fund for Africa, through which Attijariwafa Bank supports businesses to improve their energy efficiency, Attijariwafa Bank’s Deputy Managing Director, Youssef Rouissi, said.

The bank aims to support small and large Moroccan and African companies to accelerate their energy transition to meet green financing standards, in order to enhance their competitiveness and access innovative financing mechanisms, he pointed out.

For his part, Deputy Director of Development Strategy in Africa in Schneider Electric Group, Aziz Al-Waer, underlined that this MoU aims to support energy saving in Moroccan industry and support its development in Africa, given the strong presence of Attijariwafa Bank on the continent, which will consolidate Morocco’s role as an industrial hub for sustainable energy in the continent.

Schneider Electric Group, supplier and manufacturer of cutting-edge technological equipment for energy saving, seeks to contribute, within the framework of the Sustainable Energy Fund for Africa, to Morocco’s achievement of its carbon neutrality goal, as well as Africa’s development in energy efficiency, he concluded.

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