Germany’s KfW to loan OCP EUR 200 mn for green projects

Areas Impacted: Funding, Emissions, Renewable Energy

June 3rd, 2024

"Morocco's phosphates and fertilizers producer OCP has secured a EUR 200 mn loan from the German Development Bank (KfW) to reduce water use and expand renewables production, according to a statement released on Friday. The funds will support sustainable fertilizer production and global food security in efforts to mitigate the impacts of climate change in the country. EUR 150 mn of the loan will go to projects that will help OCP achieve 100% non-conventional water use in industrial operations by 2024, the statement added. The remaining EUR 50 mn will go towards setting up 5 GW of clean energy by 2027 to help power operations and increase the firm’s production of green fertilizers. The decarbonization plans aim to help OCP achieve carbon neutrality for Scope 1 and 2 emissions by 2030, and Scope 3 by 2040."

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