Khalid Safir, CEO of Caisse de Dépôt et de Gestion (CDG) and Saïd Ibrahimi, CEO of Casablanca Finance City Authority (CFCA) signed a memorandum of understanding (MoU) aimed at creating a voluntary regional carbon market providing a concrete response to the provisions of the Paris Agreement. This pioneering project, in line with global greenhouse gas (GHG) emission reduction targets, contributes to the national dynamic aimed at positioning Morocco as an international player in sustainable development and a pioneer on the African sustainable finance scene.
This project is in line with the High Guidelines of King Mohammed VI, which place sustainable development and environmental preservation at the heart of the Kingdom’s development strategy. It supports the efforts undertaken by the Kingdom in terms of climate change mitigation.
A carbon market to address global climate challenges
In accordance with the commitments made under the Paris Agreement in 2015, each country presented its Nationally Determined Contributions (NDCs) with specific targets for reducing greenhouse gas emissions, whether through emission reduction or offsetting actions. It should be recalled that the Nationally Determined Contribution presents an overall reduction target of 45.5% by 2030, including an unconditional target of 18.3%. These targets, which have been revised upwards in recent updates, reflect a significant increase in Morocco’s ambition in terms of climate change mitigation.
In this wake, the voluntary carbon market based on an emissions trading system will provide Morocco with an efficient and innovative carbon ecosystem. This economic mechanism will help accelerate Morocco’s ecological transition, through the effective carbon offset contribution mechanism based on the polluter-pays principle. It will also help invest in clean technologies, fuel national and international decarbonization commitments and support the competitiveness of national exports, particularly in anticipation of the EU’s carbon border adjustment mechanism.
In this regard, Saïd Ibrahimi, CEO of Casablanca Finance City Authority, declared: “We are convinced that the voluntary carbon market represents a unique opportunity for Morocco and Africa to position themselves as key players in sustainable finance. This partnership between CFCA and CDG constitutes a decisive step for the creation and attraction of an innovative carbon ecosystem, in line with national dynamics and sustainable development objectives.”
For his part, Khalid Safir, Director General of the Caisse de Dépôt et de Gestion, stressed: “The creation of a voluntary carbon market reflects the desire of our two institutions to support the implementation of the directives of the National Low Carbon Strategy and to provide accessible solutions to project leaders in terms of decarbonization at the national and regional levels. Such an initiative represents a remarkable opportunity to contribute to Morocco’s positioning on an international scale and will further strengthen the Kingdom’s commitment to mitigation.”
A common vision for Morocco and Africa
Convinced that they have an important role to play in accelerating the development of carbon limitation and exchange activities in Morocco and Africa, CFCA and CDG share the common ambition of responding to the many climate challenges, whether national, regional or global.
Africa represents a significant reservoir of carbon credits with natural solutions for generating quality carbon credits, giving it considerable potential to become a key player in global decarbonization and a hub for carbon credit projects.
