Khalid Safir, Director General of the Caisse de Dépôt et de Gestion (CDG), and Saïd Ibrahimi, CEO of Casablanca Finance City Authority (CFCA), have signed a Memorandum of Understanding (MoU) to establish a voluntary carbon market with a regional scope. This initiative directly supports the provisions of the Paris Agreement by addressing the global challenge of reducing greenhouse gas (GHG) emissions. The pioneering project aligns with global efforts to curb emissions and positions Morocco as a key player in sustainable development, particularly in the field of green finance across Africa.
The project reflects the high-level directives of King Mohammed VI, who has placed sustainable development and environmental preservation at the heart of Morocco’s national development strategy. It also enhances the Kingdom’s ongoing efforts in mitigating climate change.
Under the commitments made in the 2015 Paris Agreement, each country submitted Nationally Determined Contributions (NDCs) with specific targets for reducing GHG emissions, either through emission reductions or compensatory actions. Morocco has set an ambitious overall reduction target of 45.5% by 2030, with an unconditional target of 18.3%. Recent updates have raised these targets, demonstrating Morocco’s increased commitment to combating climate change.
The voluntary carbon market will operate through an emissions trading system, creating a robust and innovative carbon ecosystem in Morocco. This economic tool will accelerate the country’s ecological transition by applying the “polluter pays” principle through carbon offsets. It will also encourage investments in clean technologies, support both national and international decarbonization commitments, and enhance the competitiveness of Moroccan exports, especially in preparation for the EU’s Carbon Border Adjustment Mechanism.
Saïd Ibrahimi, CEO of CFCA, emphasized the importance of the project: “We are convinced that the voluntary carbon market represents a unique opportunity for Morocco and Africa to position themselves as essential players in sustainable finance. This partnership between CFCA and CDG is a crucial step in creating an innovative carbon ecosystem that aligns with national ambitions for sustainable development.”
Khalid Safir, Director General of CDG, also highlighted the project’s significance: “The creation of a voluntary carbon market reflects our commitment to support the implementation of Morocco’s Low-Carbon National Strategy. It provides accessible solutions for decarbonization projects on both national and regional levels, offering a significant opportunity to enhance Morocco’s international standing in climate mitigation efforts.”
Both CFCA and CDG recognize their crucial role in advancing carbon limitation and trading activities in Morocco and across Africa. Their joint ambition is to address the various climate challenges at local, regional, and global levels.
Africa, with its vast natural resources for generating high-quality carbon credits, holds enormous potential to become a key player in global decarbonization efforts. This gives the continent a strategic advantage in establishing itself as a hub for carbon credit projects, driving the global shift towards lower emissions.
