Morocco Presents Its Vision for Climate Financing in Africa at a Ministerial Conference in Nairobi
Leila Benali, the Minister of Energy Transition and Sustainable Development, showcased Morocco’s vision to tackle climate financing challenges on the African continent during her participation in the twentieth session of the African Ministerial Conference on the Environment, which commenced yesterday in Nairobi.
In her speech during the first ministerial session, the minister emphasized the necessity of establishing financing systems and budget frameworks aligned with sustainability, stating that Morocco’s vision is based on three strategic pillars to address these challenges.
Bennali confirmed that the first pillar involves institutionalizing climate-sensitive budgeting within national strategies, through the launch of the National Climate Financing Strategy, aimed at tracking climate investments and enhancing governance and private funding. She noted that synergy between ministries and institutions is a fundamental element in strengthening climate planning, citing the establishment of the National Climate Change Committee and Bank Al-Maghrib’s directives related to climate risks, as well as the Ministry of Finance’s inclusion of climate impacts in its annual debt analysis.
The minister highlighted the importance of expanding opportunities for unconventional financing mechanisms, such as debt swaps, green bonds, and carbon markets, asserting that Morocco has the potential to become a regional hub in this domain. She also stressed the need to reimagine the international financial system, recalling Morocco’s role in hosting the Marrakech meetings in 2023, which sharply addressed this challenge.
Bennali announced the kingdom’s intention to launch an initiative to create an African working group for green and sustainable financing, as a mechanism aiming to unify continental efforts, stimulate partnerships, and facilitate access to equitable funding. The minister expressed Morocco’s commitment to cooperating with African nations to build a prosperous continent capable of charting its climatic future.
Morocco’s participation in this session, organized under the theme “Four Decades of Environmental Work in Africa,” aligns with the kingdom’s efforts to actively contribute to the formulation of ambitious environmental policies for the continent, in line with the royal directives aimed at achieving a sustainable future for Africa and future generations.
