IMF REPORT ON RENEWABLE ENERGY (Syllabus: GS Paper 3 – Env & Eco)

Context: A recent report published by the International Monetary Fund (IMF) highlighted that Morocco possesses significant renewable energy potential that can serve as a strategic tool for climate mitigation.

Key Points

• According to the IMF report, Morocco can capitalise on its abundant renewable energy resources to reduce its persistently high dependence on fossil fuels. 
• Morocco has one of the world’s highest rates of solar insolation, with around 3,000 hours of sunshine annually. 
• The Morocco Country Climate and Development Report for 2022 forecasts that over 85% of electricity could originate from renewable energy sources by 2050.

India’s Status in Renewable Energy

• India stands 4th globally in Renewable Energy Installed Capacity (including Large Hydro), 4th in Wind Power capacity & 4th in Solar Power capacity (as per REN21 Renewables 2022 Global Status Report).
• The country has set an enhanced target at the COP26 of 500 GW of non-fossil fuel-based energy by 2030.

Morocco

• Location: Western North Africa.
• Boundary: Algeria to the east and southeast, Western Sahara to the south, the Atlantic Ocean to the west, and the Mediterranean Sea to the north.
• Strait: It lies directly across the Strait of Gibraltar from Spain.
• Climate: Mediterranean climate, with mild wet winters and hot dry summers.
• Mountain Ranges: The Atlas Mountains dominate the central part of the country, while the Rif Mountains make up the northern edge.

International Monetary Fund (IMF) 

• About: The IMF works to achieve sustainable growth and prosperity for all of its member countries.
• Establishment: In 1944 in the aftermath of the Great Depression of the 1930s.
• Member countries: 190 countries.
• Headquarters: Washington, D.C