France lends €350 mln to Morocco’s OCP to back decarbonization efforts

French development agency (AFD) offered a financing of 350 million euros in support of decarbonization efforts led by Morocco’s phosphates and derivatives giant OCP.

A deal was signed between the two institutions on May 12,as OCP seeks more funding for its 13 billion-dollar decarbonization plan.

OCP had announced a plan to use100% clean energy by 2027 and to fully cover its industrial water needs with non-conventional sources. It also aims to increase the Group’s capacity to produce decarbonized fertilizers,notably by integrating green ammonia,in order to progressively reduce its carbon footprint and achieve carbon neutrality across its entire value chain by 2040.

As part of OCP Group’s decarbonization trajectory,this corporate financing from AFD will be disbursed based on the achievement of performance indicators,with a focus on increasing production capacity for clean energy and non-conventional water,developing green hydrogen and green ammonia production,and integrating climate and biodiversity indicators into the Group’s risk management processes.