support, Morocco is spending con- siderable sums of domestic public money on loss and damage from cli- mate change. Recently, in response to the worst drought in decades, Morocco spent approximately $1 billion in pub- lic funds, which might otherwise have been deployed for mitigation, adapta- tion or other ends. Morocco’s Ministry of Economy and Finance, in collaboration with the Ministry of Energy Transition and Sustainable Development, is under- taking efforts to ensure that budget and fiscal measures integrate climate considerations. Morocco aims to take the burden off state-led financing by increasing private finance where possible in climate-related areas with investment potential, such as an energy transition, through expanded partnership with the private sector. This approach is reflected in Morocco’s 2021 New Model for Development. Indeed, Morocco recently launched the new national Strategy for the Devel- FINANCE IS A CORE REQUIREMENT OF ANY NATIONAL EFFORT TO IMPLEMENT MITIGATION AND ADAPTATION MEASURES – AND ÄÉ¿ÀÀ¿ÁÄɼɾÀ IS A CORE PART OF ÈÊÍʾ¾ÊąÎÉ¿¾
opment of Climate Finance to catalyse private investments, with strategic axes including, but not limited to, market trans- parency, awareness raising, investment-oriented solutions for risk sharing, climate-related financial risk management, capacity building, disclosures, public policy and regulation. Towards an increase in international finance At the international level, Morocco has benefited from the Green Climate Fund as well as other funds and bilateral financing. This has enabled it to pursue high-impact ini- tiatives in renewable energy and resilience building, such as the Noor Solar Complex and adaptation projects in rural areas. However, with $21.5 billion required to meet the con- ditional commitments, Morocco’s NDC highlights the importance of international cooperation in addressing the global climate crisis. Morocco thus continues to advocate for increasing international climate finance from developed countries to developing countries. Since the Glasgow meeting of the 26th Conference of the Parties, Morocco has consistently and actively engaged in the process to develop the new collective quantified goal on climate finance, to ensure that the new goal responds to the needs and priorities of Morocco and other developing coun- tries, particularly in providing concessional and grant-based Whatever the outcome of COP29, it will mark a turning point in the life of the Paris Agreement. Adopted at COP21 in 2015, the Paris Agreement saw a rapid entry into force on the eve of the COP22 meeting in Marrakech in 2016. This swift international action represented a diplomatic victory, reflecting the support for enhanced global action through NDCs. However, it was understood that timely implementation of these NDCs would necessitate much greater international public finance support from developed countries to develop- ing countries. The reality across many developing countries, including Morocco, is that despite best efforts nationally to mobilise finance from the private sector and other sources, the new provision of international public finance remains required for NDC implementation. The decision on a new finance goal at Baku will therefore be a clear test of the world’s commitment to the Paris Agreement. public finance for the NDCs. A turning point at COP29
Morocco’s NDC unconditionally commits to reduce emissions by 18.3% by 2030 relative to a business-as- usual scenario, and by 45.5% by 2030. 18.3 % 45.5 %
The NDC estimates that $38.8 billion will be required to achieve these targets. $38.8bn
Æ BOUZEKRI RAZI ¿ç½äêïÚàçÞÍÖïÞìäçàèÖéÈäçäØØäąèÈÞãÞèéçîäÛÀãÚçÜîÏçÖãèÞéÞäãÖãÙÎêèéÖÞãÖ×áÚ¿ÚëÚáäåâÚãéìÝÚçÚÝÚÞèéÝÚÙÞçÚØéäçäÛØáÞâÖéÚØÝÖãÜÚ ÖãÙ×ÞäÙÞëÚçèÞéîÃÚèÚçëÚÙÖèéÝÚÉÖéÞäãÖáÁäØÖáËäÞãéÛäçÈäçäØØäÛäçéÝÚÐãÞéÚÙÉÖéÞäãèÁçÖâÚìäçà¾äãëÚãéÞäãäã¾áÞâÖéÚ¾ÝÖãÜÚ $ ÖãÙÛäçéÝÚÂçÚÚã¾áÞâÖéÚÁêãÙÃÚáÚÙÈäçäØØäąèãÚÜäéÞÖéÞäãéÚÖâêãÙÚçéÝÚÐÉÁ¾¾¾ÖãÙËÖçÞè¼ÜçÚÚâÚãéÃÚèêåÚçëÞèÚÙÈäçäØØäąè ØáÞâÖéÚèéçÖéÚÜÞÚèÞãØáêÙÞãÜéÝÚÉÖéÞäãÖá¾áÞâÖéÚËáÖã ÖãÙÇäãÜÏÚçâÇäìÀâÞèèÞäã¿ÚëÚáäåâÚãéÎéçÖéÚÜî ! ìÝÞáÚÙÞçÚØéÞãÜàÚî åçäßÚØéèäãØáÞâÖéÚéçÖãèåÖçÚãØî×ÞäÙÞëÚçèÞéîÖãÙÚØäèîèéÚâÖèèÚèèâÚãéè Æ ISKANDER ERZINI VERNOIT ÄèàÖãÙÚçÀçïÞãÞÑÚçãäÞéÞèÖÛäêãÙÞãÜÙÞçÚØéäçÖééÝÚÄâÖáÄãÞéÞÖéÞëÚÛäç¾áÞâÖéÚÖãÙ¿ÚëÚáäåâÚãéÖãäãåçäěééÝÞãàéÖãà×ÖèÚÙÞãÈäçäØØäÃÚ ÖÙëÞèÚèÖçÖãÜÚäÛÜäëÚçãâÚãéèØÞëÞáèäØÞÚéîÖãÙãäãèéÖéÚÖØéäçèÃÚ×ÚÜÖãÝÞèØÖçÚÚçÖèÖØáÞâÖéÚãÚÜäéÞÖéäçÛäçÈäçäØØääãéÝÚ¾ÊË åçÚèÞÙÚãØîÖãÙÝÖèÝÚáÙäéÝÚçØáÞâÖéÚçÚáÖéÚÙçäáÚèÞãÖØÖÙÚâÞÖÖÙëäØÖØîÖãÙèäØÞÖááîçÚèåäãèÞ×áÚÞãëÚèéâÚãé
37
Made with FlippingBook - Online magazine maker