Moroccan state-owned financial institution, CDG, and the Casablanca Finance City Authority (CFCA), a financial center, joined forces to create the region’s first voluntary carbon market.
The initiative aims to align the country with global efforts to reduce greenhouse gas (GHG) emissions in accordance with the Paris Agreement.
On Tuesday, Khalid Safir, Director General of CDG, and Saïd Ibrahimi, CEO of CFCA, signed a Memorandum of Understanding (MoU) as a first step towards creating the regional market.
A voluntary carbon credit market enables companies and individuals to buy carbon credits to offset their greenhouse gas emissions. Each credit represents the reduction of one metric ton of CO₂ or its equivalent.
“This voluntary carbon market is a unique opportunity for Morocco and Africa to establish themselves as key players in sustainable finance,” said CFCA’s CEO Saïd Ibrahimi. “This partnership is a crucial step in creating an innovative carbon ecosystem that aligns with Morocco’s national strategy and global sustainable development goals.”
The voluntary carbon market will support Morocco’s National Low Carbon Strategy, offering solutions for local and regional decarbonization efforts. Carbon credits from various environmental projects, such as renewable energy, reforestation, and other emission reduction initiatives, can be traded within this new market framework.
“The creation of this market reflects our institutions’ shared commitment to translating Morocco’s climate strategy into concrete action,” said CDG Director General Khalid Safir. “It will also boost Morocco’s standing on the global stage as a leader in climate mitigation while offering accessible decarbonization solutions.”