Morocco’s Energy Minister Outlines the Kingdom’s Vision For Climate Financing In Africa

Speaking during the first ministerial session of the conference, Benali emphasized that the continent’s climate finance challenges cannot be addressed without financial systems and budgetary frameworks that are rooted in the principle of sustainability. 

She explained that Morocco’s approach is based on three strategic pillars. The first pillar relates to the institutionalization of climate finance within national development strategies. In this regard, Morocco has launched a national climate finance strategy, an ambitious roadmap designed to mobilize the necessary financial resources for the transition to a green and resilient economy. Aligned with the Kingdom’s National Sustainable Development Strategy and its Low-Carbon Strategy, this climate finance roadmap aims to strengthen governance, improve the efficiency of public spending, and promote private investments in green and sustainable projects.

The second pillar, according to the Minister, involves enhancing governance and risk management. She stressed the importance of coordination between government institutions responsible for environmental and financial matters in order to improve climate and budget planning. She also recalled the creation of the National Commission on Climate Change and Biodiversity, which includes a dedicated working group on climate finance. 

Benali called for the promotion of non-traditional financing models, including debt-for-climate swaps, green bonds, and carbon markets. Highlighting Morocco’s evolving financial ecosystem and its experience in green financial instruments, she stated that the Kingdom is well positioned to serve as a regional hub for sustainable finance, acting as a bridge between Africa, Europe, and Atlantic markets.

The third pillar focuses on revising the international financial architecture. In this regard, the Minister noted that the 2023 Annual Meetings of the IMF and World Bank, held in Marrakech, marked a turning point by stressing the need to rethink the global financial order to better serve countries in the Global South.

In the presence of Kenyan President William Ruto, Benali reaffirmed Morocco’s readiness to work hand in hand with other African nations toward building a resilient, prosperous, and sovereign Africa capable of shaping its own climate future. In this spirit, she announced Morocco’s intention to launch an initiative to establish an African Task Force on Green and Sustainable Finance. This body will serve as a catalyst for the development of a coherent, inclusive, and operational African framework for sustainable finance, and to strengthen the continent’s sustainable finance architecture in support of its environmental and climate goals.

The participation of the Moroccan delegation, led by Minister Benali, in this high-level conference demonstrates Morocco’s firm commitment to actively contributing to the development and implementation of ambitious environmental policies across the continent.

Editorial team/le7tv