energy. that s because everyone wants more of it and, of course, we want to play less for it. as we know, the war in ukraine has led to big increases in our energy bills at home as well as the cost of running a business and politicians, they re are trying to work out where it s all going to come from in the long term. did you know that making electricity is the single biggest contributor to global warming? but last year, 39% of the global supply came from clean sources, such as wind, solar and nuclear? that s the highest it s ever been. of that, a combined 12% came from wind and solar, and it s in wind and solar that morocco is betting the farm on and other countries in the region of watching very closely. this north african country, it has an ambitious target of generating 52% of its own electricity from renewables by 2030. it also wants to hugely expand its exports. there are plans for a cable to send electricity to the uk, and, as the eu invests billions,
the world bank says that this is actually going to help and grow the moroccan economy. just briefly explain that. the energy transition in morocco effectively involves a shift from heavy reliance on imported fossil fuels towards renewable energy and therefore decoupling from this very heavy volatility of the prices of fossil fuels, so this is the first benefit. secondly, the world bank, we did a study of climate development report and we estimated energy transition would generate at least 28,000 newjobs on a net basis per year which is about 9%
renewables are part of the solution on the electrics side. i have 30% reserve because yes, gas is intended in morocco- for phasing out coal. still in my view, we have a lot of potential that we can raise i the ambition of renewable energy in morocco more than what is actually done - and to lessen this potential. i would be happy, it is more business for us! moundir has a point, hajar. you are a climate activist but moundir s point is we can never get away probably from some form of fossil fuels to make up part of this mix. i i believe that fossil fuels have no. bright future among us, worldwide. yes, we will be still using it. yes, we will be phasing down - in order to phase out completely.
as i said earlier, there is a lot of empowerment that comes with trade, so it boils down to energy security and energy access more than making sure that we want to export any forms of energy, so that is why if i take a concrete example of how we are monetising some of our gas resources for example, of course we want to enable investors by particularly international and private national investors to be able to monetise their electrons or their molecules as much as possible, but at the same time of course, the priority is to ensure that moroccans and the people living in morocco and people working in morocco and the economic tissue of morocco has access to the lowest costs, most economic green energy. i mean, that s priority number one. i ve got to ask you this because, correct me if i am wrong here, but morocco at this moment has contracts out there, tenders out there, to drill for natural gas
of all capacity based on renewables, we need to handle the intermittency of renewables in the system. the world bank s recent report on morocco says your government has a limited amount of cash to play with and i am just wondering if you believe the funding, enough funding is going to be there to fulfil this ambition you have? i really don t think funding is the issue and first i will remind you, aaron, of the other big commitment of the new development model is that the government and the state should not be the one investing primarily in infrastructure and energy projects, especially when those projects are bankable. you are saying it is private sector? it is primarily the private sector that would take most of the investments. 0ur role as a government is to ensure that we facilitate the investors story and facilitate the access to investment opportunities and make sure that we cut through bureaucracy and red tape.