The agreement signed between Morocco’s Minister of Energy Transition Leila Benali and Norway’s Minister of Climate and Environment Andreas Bjelland Eriksen foresees the development of joint climate projects and the effective use of carbon market mechanisms between the two countries.
The agreement will allow the development of joint climate projects based on the internationally transferable mitigation outcomes (ITMO) mechanism under Article 6 of the Paris Agreement, which supports countries’ emission reduction targets.
In a statement made by Morocco’s Ministry of Energy Transition, it was stated that the agreement aims to develop market-based cooperation approaches within the framework of Article 6.2 of the Paris Agreement.
Within the scope of the new cooperation, the parties aim to support high-impact climate projects, encourage sustainable investment flows, and strengthen the role of carbon markets in the global decarbonization process.
As one of the important elements of the partnership, the planned Generation-Based Incentive (GBI) program is also on the agenda. The program is expected to contribute to emission reductions by encouraging clean energy production.
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