Climate Finance: Morocco 1st in North Africa with 20% of Funds Committed to South of Mediterranean
Bonn – Morocco ranks first among the countries of North Africa and the Arab Mediterranean countries in financing climate action, according to a study by the Union for the Mediterranean (UfM), presented Tuesday in Bonn, on the occasion of the 23rd United Nations Conference on Climate Change (COP23).
The study carried out by international consultants who assess the state of climate financing in the Mediterranean region in 2016 and for the period 2013-2015, shows that Morocco leads the way, with more than 20% of international flows committed to the South of the Mediterranean. It is ahead of Egypt with 15%, Jordan (7%), Tunisia (3%), and Algeria (1%).
A total of 4.6 billion dollars were mobilized in 2016 to finance climate action in the Mediterranean, i.e. an annual average of nearly 7 billion dollars 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 French Development Agency (AFD).