Rabat - A new report released by the Overseas Development Institute (ODI) revealed that Morocco has received more than $587 million in aid (mostly in loans) from some of the world’s major climate funds.
Rabat – A new report released by the Overseas Development Institute (ODI) revealed that Morocco has received more than $587 million in aid (mostly in loans) from some of the world’s major climate funds.
According to the ODI’s report, Morocco, along with Mexico and Brazil, are the top recipients of climate aid, receiving over $7.6 billion in loans.
The report says that Mexico and Brazil are among the top 10 emitters of greenhouse gases, “and with Morocco, all have huge renewable energy potential.”
According to the report, funds have helped Morocco to develop its solar energy resources.
These funds also helped Mexico drastically increase its renewable energy capacity in an energy system previously powered exclusively by fossil fuels. It also helped Brazil complete three separate projects that resulted in nearly 3,000 hectares of reforested land, benefitting some 13,000 people.
The report discovered that half of the $7.6 billion of international funding approved to date is targeted at just ten countries. The chart below shows how much each country received in financing.
The report was released ahead of the second and final week of United Nations negotiations in Lima for a world pact to curb climate change.
ODI Executive Director Kevin Watkins said that the report shows that climate funds have broken new ground by helping developing countries tackle climate change effectively.
“The new Green Climate Fund, armed with nearly $10 billion, has a great opportunity to reduce emissions and support resilience to climate change. But more funds need to be raised to tackle this growing threat and ensure that poor countries support a new climate deal,” he concluded.
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