Morocco and Norway have signed a 10-year agreement to trade carbon credits, aimed at supporting solar and wind projects capable of generating up to 2 gigawatts of electricity and cutting emissions by as much as eight million tons of CO2 equivalent. The deal was signed on the sidelines of the COP31 climate summit held in Antalya, Türkiye.
It brings together Africa Carbon Link, a joint initiative of the state-owned Caisse de Dépôt et de Gestion and the Casablanca Finance City Authority, and Norway’s Article 6 fund, represented by the Global Green Growth Institute. Africa Carbon Link will manage the program, assemble eligible projects, help structure financing and oversee verification of emissions cuts.
Under Article 6.2 of the Paris Agreement, Norway can pay for reductions achieved in Morocco and count them toward its own targets. Morocco must deduct every ton sold from its own reported reductions. The two sides have not disclosed the price per ton, the projects involved or any upfront investment. From comparable deals at $15 to $30 a ton, eight million tons could be worth $120 million to $240 million over ten years.
2 GW equals 37% to 43% of Morocco’s existing renewable capacity. Morocco targets 52% renewables of installed capacity by 2030. It estimates the projects could avoid 26.3 to 34.2 million tons over ten years, well above the eight-million-ton ceiling.
