00:05So, Morocco then, one of the top destinations for green energy projects, and I've been speaking
00:11to Morocco's Minister for Energy Transition and Sustainable Development, Leila Bernali,
00:17about her country's collaboration with China.
00:20You just invest as much as you can in infrastructure, in sustainable infrastructure,
00:26so that's exactly what we did in 2023. We reached first inflection point where we multiplied the
00:32pace of investments annually by three in power generation, including renewables, and we multiplied
00:39the pace of investments by five annually in the grids and infrastructure. Now, I'm assuming there
00:46will be a second inflection point in 2026 because we are pushing for a $12 billion investment program
00:52in the electricity sector. We have a major part of that investment also coming in grids,
00:58but also I think there will be another inflection point a bit further in the decade when we will
01:04have a couple of disruptions in the technologies that I'm hoping for in batteries, storage,
01:11and artificial intelligence. And I know that some of the Chinese companies are very, very active
01:17in that front. Well, let's talk about batteries first of all. Morocco, the site for Africa's
01:22first battery gigafactory. What impact will that have on Morocco's energy system?
01:29Right. I mean, it's, again, driven. We have 15 years of experience in managing technology risks
01:36in high-tech and energy transitions. We also have more than 30 years of experience in attracting
01:44private finance into the energy sector. So the GoshenTech major factory is bringing, of course,
01:53tremendous investments, creating thousands of jobs, but also putting in place a great ecosystem
02:01that we are transforming in the area of batteries and storage. We also have other investments that we
02:08are in the various parts of the value chain where major international players are present. In the
02:15various parts of the energy transition value chain, we are very happy to have international investors
02:21investing with us. You talked about working with China as Morocco pursues its transitions to greener
02:28energies. Morocco setting out an aim to reduce emissions by 2035 by just over 50%. What role do you think
02:35China could play in that? Well, I mean, China, like other major players in the clean tech space,
02:44and I mean, China has more than 70%, 80% of market shares. And if you look at the various
02:50parts of the
02:50clean tech value chain, so of course, it's an important player for us, like other partners. I think,
02:59as of today, we are in the situation where we are putting the frameworks for the next inflection point
03:07in investment to happen. And that will definitely happen in AI power grid, for example, those grids that
03:14are dispatchable and quite intelligent and smarter, that will enable us to mitigate the risks of renewable
03:25intermittency. For example, we're also having a number of investors, Chinese and others being
03:30interested in our gas value chain as well, so that we are definitely embarking them on that. So today,
03:37we are in a situation where we are, Morocco being an investment grade country, we have put, I think,
03:44all the building blocks to enable international partners to come to the country, serve, of course,
03:52the Moroccan markets, serve the export markets that they want. But at the same time, be a bridge
03:59towards African countries, African countries, because we believe, under the Atlantic division of his
04:06of his majesty, that unlocking countries of the Sahel is critical not only for Africa, but also for the world.
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