Morocco and Norway have agreed to strengthen their cooperation in carbon market mechanisms which enable governments to trade greenhouse gas emission credits through carbon pricing with the aim of achieving climate targets.
The agreement was sealed during a videoconference meeting held Tuesday by Moroccan Minister of Energy Transition Leila Benali with Norway minister of Climate & Environment Eriksen Bjelland.
The two countries have agreed to step up cooperation under Article 6 of the Paris Agreement which enables countries to cooperate in reducing GHG emissions and facilitates voluntary co-operative approaches for trading internationally transferred mitigation outcomes (ITMOs).
Article 6 of the Paris Agreement sets rules for international cooperation and emissions trading to help countries reach their Nationally Determined Contributions (NDCs).
Under this agreement, the two parties pledge to implement a Generation-Based Incentive (GBI) program, which aims to support the deployment of approximately 2 gigawatts of installed renewable energy capacity, including battery storage solutions over a ten-year period (2026–2036).
This performance-based subsidy program, designed to encourage the efficient production of renewable energy, requires additional financial support through carbon market mechanisms.
The move is expected to contribute to reducing up to 10 million tons of CO2 emissions by 2030, whilst enhancing the attractiveness of green investment, promoting technology transfer and creating job opportunities.
