Rabat - Morocco ranks first among North African and Arab Mediterranean countries in funding climate projects, according to a study by the Union for the Mediterranean (UFM).
Rabat – Morocco ranks first among North African and Arab Mediterranean countries in funding climate projects, according to a study by the Union for the Mediterranean (UFM).
The UFM presented its recent study in Bonn, Germany on November 14 during the 23rd United Nations Conference on Climate Change (COP 23).
The study, carried out by international consultants assessing climate finance in the Mediterranean region from 2013 to 2016, shows that Morocco leads the way, with more than 20 percent of flows committed to the southern Mediterranean. It comes out ahead of Egypt with 15 percent, Jordan with 7 percent, Tunisia with 3 percent, and Algeria with 1 percent.
A total of USD 4.6 billion was mobilized in 2016 to finance climate action in the Mediterranean, an annual average of nearly USD 7 billion over the last few years.
These funds come mainly from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Bank for Reconstruction and Development (IBRD), the European Union and the European Union, and the French Development Agency (AFD).
Mitigation projects represent a very large majority of the funds obtained, while funding purely dedicated to adaptation to climate change is emerging.
Like in any other countries, Morocco has devoted its efforts in order to curb the effects of climate change. During the 2016 Climate Change Conference, which was held in Marrakech, Morocco presented a set of presentations that detailed its own experience fighting climate change.
During the former climate change conference, Morocco had presented its vision that aims to reduce greenhouse gas emissions and to foster adaptation efforts in order to meet the 2030 Agenda for Sustainable Development.
The 22nd edition’s outcomes were lauded in different events, including the 16th Francophonie summit that took place in the capital city of Madagascar, Antananarivo in November 2016.
“We welcome the outcome of the 22nd Conference of the Parties to the United Nations Framework Convention on Climate Change (COP22) in Marrakech,” read a statement issued by summit organizers.