How is the renewable energy industry looking now?
It's a really exciting time. The transition towards renewables is gaining momentum because costs have fallen and there is greater understanding about the benefits.
There is now a business case for renewables which wasn't there before.
We have seen that investing in low-carbon energy generation doesn't have to limit people's use of energy.
Renewables give us the possibility to grow and be sustainable. Countries can drive economic and employment growth while bringing down carbon emissions.
Take Denmark where the energy transition began over a decade ago. Between 2000 and 2014 it saw 8% growth in real GDP together with a 30% reduction in emissions, showing a decoupling of economic growth and CO2 emissions.
Denmark is making progress in its target to meet all its energy needs with renewables by 2050. And developing a renewable project can be quicker than a coal plant.
These factors have helped renewable energy capacity to boom recently. IRENA has calculated that in 2017 alone, 167 gigawatts (GW) of renewable capacity was added globally, increasing the world's renewable generation capacity to 2,179 GW.
China alone installed more than 50 GW of solar in 2017 accounting for 68 per cent of global solar capacity additions last year.
Where is renewable energy currently expanding?
A few years ago, Europe was leading the pack. Outside Europe and the USA, the cost of borrowing money for renewable projects was considerable.
This has changed dramatically. Today the bulk of new projects are in emerging economies, such as China and India. The latter aims to install 175 GW of renewables capacity by 2022.
More broadly, 64% of total additions last year were in Asia and the continent now accounts for more than 40% of global renewable generation capacity.
Morocco is aiming to generate just over half of its energy from renewables by 2030.
Around 20% will come from solar and the same from wind farms. Already significant, hydroelectric power will contribute about 12%.
Given Morocco's current dependence on imports of coal and electricity – via subsea link from Spain – this target will have financial benefits too.