Crop Nutrition

OCP and AFD Strengthen Their Strategic Partnership

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27 April 2024, Africa: On the occasion of the visit to Morocco on 25-26 April by Bruno Le Maire, France’s Minister of the Economy, Finance and Industrial and Digital Sovereignty, OCP Group, a world leader in plant nutrition and phosphate-based fertilizers, and the French Development Agency (AFD) have announced a deepening of their commitment to the decarbonization of Morocco’s economy and to food security in Africa.

The partners share a common vision for a sustainable global future, based on the actions they both lead to achieve the United Nations’ Sustainable Development Goals (SDGs).

Contributing to decarbonization is a central pillar of AFD’s 2022-2026 strategy in Morocco. In this context, AFD and OCP Group are considering a loan of up to 350 million euros to OCP Group. This loan would target the development of green hydrogen and ammonia, renewable energies, and the training of human capital, as part of OCP Group’s green investment program covering the period from 2023 to 2027.

This green program foresees an overall investment of USD 13 billion to enable the Group to use 100% non conventional water in 2024 (to ensure its complete autonomy, including a water desalination capacity of 560 million m3 per year by 2026), 100% clean energy by 2027 and to achieve full carbon neutrality by 2040 (Scopes 1 and 2 by 2030, and Scope 3 by 2040), while increasing the production of green fertilizers.

OCP Group promotes the emergence of an innovative and integrated ecosystem in Morocco, comprising some 600 companies in the energy, agricultural and industrial sectors, creating approximately 25,000 jobs.

The Group’s strategy will provide farmers worldwide and particularly in Africa with fertilizers that are sustainably produced and tailored to their specific crops, climates and soils. Combined with support for innovative, precision agronomic practices and access to financing and markets, farmers will be empowered to maximize their productivity to ensure global food security while combating climate change.

The two partners are thus consolidating their commitment to a low-carbon transition, to strengthening the skills necessary for the development of the green hydrogen sector, and to advancing sustainable and inclusive agriculture for food security in Africa.

Also Read: Rallis India Limited Reports FY24 Revenue at ₹ 2648 CR; Seeds Revenue Grew 21% and Delivered Break-even Profit

(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)

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