140 S. MOORE
project financing. At COP 22, the Moroccan government announced a
novel green bond financing scheme for 1.15 billion MAD (roughly $115
million). 126 The financing went toward two solar PV plants in Western
Sahara, 20 MW Noor Boujdour and 85 MW Noor Laayoune, plus
the Noor Ouarzazate IV PV plant (72 MW). Vigeo Eiris—a Moroccan
subsidiary of Eiris in the UK and Vigeo in France—certified the green
bond, which drew criticism from WSRW. 127 MASEN issued it with
investment from Moroccan banks. 128 Noor Laayoune cost approximately
$210 million, and it is unclear who provided the remaining financing. 129
Internal Pressures Maintaining Fossil Fuels,
and Challenges of Achieving an Inclusive
and Equitable Domestic Energy Transition
Among the foremost internal pressures propping up hydrocarbons is that
the state is still drawn to becoming rich in hydrocarbon wealth. In 1992,
the government enacted a hydrocarbon code that made Morocco an
attractive locale for private oil exploration. 130 In 2000, the government
announced the discovery of 12 billion barrels of oil by a Texan company,
Lone Star Energy. 131 This led to public exclamations of the new king’s
baraka (blessings), but it was soon realized that the discovery was fake.
Lone Star Energy was owned by billionaire John Paul DeJoria, who made
his fortune on Paul Mitchell hair products and Patrón tequila. 132 In 2009,
a Moroccan court found him guilty of fraud: a finding that was backed up
by the US Court of Appeals for the Fifth Circuit in 2015. 133 However, as
of late 2018, 12 oil companies were still exploring for hydrocarbons, 134
including off the coast of Western Sahara. (A large natural gas discovery
was made off of the southern Mauritanian coast in 2019.) In 2019, a
British company reported a gas discovery of 474 billion cubic feet in
Tendrara permit area, but it did not achieve commercial flow rates. 135
Another pressure that could prop up fossil fuels is the discovery of
oil shale. Large deposits of oil shale have been discovered near Timahdit
and Tarfaya, which are likely to fuel transportation rather than electricity.
Modest amounts of shale gas have been discovered, but barriers exist in
terms of water availability and infrastructure development. 136 L’Office
National des Hydrocarbures et des Mines is offering advantageous terms
for private companies to develop these resources. 137
project financing. At COP 22, the Moroccan government announced a
novel green bond financing scheme for 1.15 billion MAD (roughly $115
million). 126 The financing went toward two solar PV plants in Western
Sahara, 20 MW Noor Boujdour and 85 MW Noor Laayoune, plus
the Noor Ouarzazate IV PV plant (72 MW). Vigeo Eiris—a Moroccan
subsidiary of Eiris in the UK and Vigeo in France—certified the green
bond, which drew criticism from WSRW. 127 MASEN issued it with
investment from Moroccan banks. 128 Noor Laayoune cost approximately
$210 million, and it is unclear who provided the remaining financing. 129
Internal Pressures Maintaining Fossil Fuels,
and Challenges of Achieving an Inclusive
and Equitable Domestic Energy Transition
Among the foremost internal pressures propping up hydrocarbons is that
the state is still drawn to becoming rich in hydrocarbon wealth. In 1992,
the government enacted a hydrocarbon code that made Morocco an
attractive locale for private oil exploration. 130 In 2000, the government
announced the discovery of 12 billion barrels of oil by a Texan company,
Lone Star Energy. 131 This led to public exclamations of the new king’s
baraka (blessings), but it was soon realized that the discovery was fake.
Lone Star Energy was owned by billionaire John Paul DeJoria, who made
his fortune on Paul Mitchell hair products and Patrón tequila. 132 In 2009,
a Moroccan court found him guilty of fraud: a finding that was backed up
by the US Court of Appeals for the Fifth Circuit in 2015. 133 However, as
of late 2018, 12 oil companies were still exploring for hydrocarbons, 134
including off the coast of Western Sahara. (A large natural gas discovery
was made off of the southern Mauritanian coast in 2019.) In 2019, a
British company reported a gas discovery of 474 billion cubic feet in
Tendrara permit area, but it did not achieve commercial flow rates. 135
Another pressure that could prop up fossil fuels is the discovery of
oil shale. Large deposits of oil shale have been discovered near Timahdit
and Tarfaya, which are likely to fuel transportation rather than electricity.
Modest amounts of shale gas have been discovered, but barriers exist in
terms of water availability and infrastructure development. 136 L’Office
National des Hydrocarbures et des Mines is offering advantageous terms
for private companies to develop these resources. 137