Rabat, Morocco December 16th 2021 – The Global Green Growth Institute (GGGI) in close collaboration with the Ministry of Energy Transition and Sustainable Development and with the active participation of high-level key stakeholders, organized the first Steering committee meeting event for the GCF Readiness” Enhancing Access to Climate Finance in Kingdom of Morocco’s Regions”. The meeting focused mainly on the component relating to the Design of a multisectoral National Financing Vehicle (VNF) serving the territories in Morocco.
The opening of the meeting was made by Mr. Rachid TAHIRI Head of Climate Change, Direction of Climate Change, Biodiversity and Green Economy, Ministry of Energy Transition and Sustainable Development, who recalled the importance of the project for catalyzing Climate finance to the regions and cities as large contributors to spending and investing for climate mitigation and adaptation. Then he recalled the importance of a such mechanism to contribute to achieving Morocco’s ambition and commitments in terms of conditional and unconditional measures translated in its newly revised NDC.
The GGGI-Morocco country lead (CL) Mr. Abdelmajid Bennis, during his opening remarks, presented the challenges and opportunities of this project and the delay assumed in the implementation of the project, due to the engagement of Ministry of Interior, the initiator of the TA request, in managing the Pandemic crisis and vaccination campaign in the whole country. The CL presented all the incentives behind the development of this project and especially the NFV component. This Innovative NFV aims to provide a one-stop solution to the complexity of financing climate action in the regions of Morocco by streamlining finances, procedures, coordination, and costs via a single mechanism. This meeting was an opportunity to bring together national and regional associations, central and local administrations, technical and financial partners, private and pu lic banks and agencies in a constructive exchange to serve the country’s climate interests and ambitions.
The consultant expert presented the approaches and methodology, and overall steps that will be taken to design the National Financing Vehicle. The discussion was fruitful and interesting around this mechanism and the leverage effect that will be provided to the regions of Morocco to access climate finance.