Japan Bank for International Cooperation (JBIC) has reiterated support for Morocco's efforts towards sustainable socio-economic growth, with a focus on carbon neutrality, through a Memorandum of Understanding (MoU) inked on Friday in Baku, on the sidelines of COP29.
Initialled by Minister of Energy Transition and Sustainable Development Leila Benali and Governor of JBIC Nobumitsu Hayashi during a meeting held at the Morocco Pavilion, this partnership aims to bolster cooperation between Morocco and Japan.
Under the terms of this MoU, Morocco and JBIC commit to further enshrining their partnerships in fields of common interests, namely in energy transition, renewable energy production, energy transport and distribution.
This partnership also covers areas such as waste management and circular economy, climate change adaptation, decarbonization of industrial supply chains, energy efficiency, regional integration, green hydrogen and its derivatives, as well as the use of artificial intelligence.
Through this agreement, JBIC aims to support Moroccan projects, particularly those contributing to Morocco’s energy transition.
The memorandum covers cooperation in several sectors, including decarbonization, energy efficiency, and sustainable growth, Hayashi stated in a press statement following the signing.
On her part, Benali welcomed the signing of this strategic partnership, highlighting the potential for Morocco-Japan public-private Partnerships (PPPs) in these fields.
She also emphasized the importance of investments, particularly for energy networks, as well as in research and development (R&D) in the field of sustainable energy.
The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (November 11-22) primarily focuses on climate financing, given the need to enable all countries to reduce greenhouse gas emissions and protect lives and livelihoods from the worsening effects of climate change, especially for vulnerable communities.
