World Bank Approves $265 Million for Morocco Hydro Storage Project After Dropping Climate Lending Target

The World Bank has approved $265 million in financing for a pumped storage hydropower project in Morocco, days after abandoning its 45 percent climate lending target.

• The World Bank's executive board approved on Wednesday the financing for the Ifahsa pumped storage hydropower project in northern Morocco.
• The World Bank said the 300-megawatt plant will pump water to an upper reservoir during high renewable generation and release it to generate electricity when demand peaks.
• The World Bank stated the project will enable Morocco to integrate an additional gigawatt of solar and wind power and replace about 3 TWh of fossil-fuel electricity annually, avoiding 1.7 million tonnes of CO2 emissions per year.
• The World Bank Group announced on Monday it would abandon its target of allocating 45 percent of lending to climate projects, following pressure from the Trump administration, and will review its climate action plan.