Latest news with #CasablancaFinanceCityAuthority
Morocco World
09-07-2025
- Business
- Morocco World
Morocco Charts Path to Low-Carbon Future Through Strategic Carbon Markets
Rabat — Morocco's Energy Transition Minister Leila Benali outlined on Tuesday the country's ambitious low-carbon vision at the second 'Scaling of Carbon Markets in Africa' conference in Casablanca. She said the North African country views carbon markets not as a technical checkbox but as a strategic tool for sustainable development. Beyond technical compliance 'This is not about checking boxes. This is a deeply ethical, strategic, and economic choice,' Benali argued at the conference organized by Casablanca Finance City Authority and CDG Group with international partners. She pointed out that Morocco treats carbon markets as more than just technical mechanisms — they anchor the country's development model across energy, economic, and social dimensions. Morocco has shown remarkable foresight by building its carbon market foundation before the Paris Agreement's Article 6 mechanisms were finalized. 'Climate action should no longer be the privilege of big emitters. It must be an approach that takes advantage of Morocco's main competitive advantages,' the minister explained. Strategic energy moves Benali noted Morocco's resilience during challenging geopolitical moments, particularly when Algeria cut gas supplies to Europe in 2021. The crisis pushed the North African country to take bold steps, including strengthening pipeline networks to support both natural gas and future green hydrogen use. The country has made decisive moves toward clean energy, aiming to abandon coal in its electricity generation plan by 2030. It has also canceled planned coal projects in Nador and Jarada, the minister noted. Meanwhile, work continues on converting fuel oil turbines to natural gas, with the Nador West Med project serving as Morocco's first LNG entry point. Building international partnerships The North African country has signed bilateral agreements with Switzerland, Singapore, South Korea, and Norway to develop high-impact projects. It has also launched the 'Carbon Balance Morocco' project in partnership with the Mohammed VI Foundation for Environmental Protection, the Moroccan Agency for Energy Efficiency, the Ministry of Industry, the Moroccan Standardization Institute, and business leaders. African leadership vision Benali described Morocco as an emerging 'corridor for strategic transition metals and minerals between Africa, Europe, and the Atlantic basin.' The country plans to create an ESG certification mechanism for resources extracted or processed in Morocco. The minister further called for African-defined standards to facilitate financing for the mineral value chain. Morocco is developing a national certification system for green electrons and gradually liberalizing the medium-voltage market. Competitive advantage through carbon certification The European Union's Carbon Border Adjustment Mechanism has pushed exporting industries to adopt low-carbon practices. Benali sees carbon certification as a 'tool for competitiveness, market share preservation, and decarbonization support.' Morocco's approach demonstrates how developing nations can turn climate challenges into economic opportunities through strategic planning and international cooperation. Tags: Low carbonLow-carbon visionMoroccoRenewable Energies
Tahya Masr
15-05-2025
- Business
- Tahya Masr
Standard Chartered opens representative office in Morocco
Standard Chartered today announced the opening of its new representative office in Morocco, further expanding its footprint across the Middle East and North Africa region. The launch follows the licence approval from Bank Al-Maghrib and the award of the Casablanca Finance City status by the Casablanca Finance City Authority. The representative office will be led by Cynthia El Asmar, who has been appointed CEO and Head of Coverage for Morrocco, subject to regulatory approvals. She brings extensive experience in client coverage across the region and will be responsible for driving the Bank's local strategy and deepening client relationships. This expansion underscores Standard Chartered's long-term commitment to the region and reflects its strategy of supporting clients in high-growth, internationally connected markets. Morocco's strong economic fundamentals and strategic location position it as an increasingly important destination for global trade and investment. Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan said: 'Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco's ambitious growth agenda. We would like to extend our sincere gratitude to Bank Al-Maghrib and the Casablanca Finance City Authority for their invaluable support in enabling the successful opening of our representative office. This launch reinforces our commitment to connecting clients to high-growth markets across continents and supporting regional economic development.' Cynthia El Asmar, CEO and Head of Coverage for Morocco added: 'Morocco's location positions it favourably as a bridge between Europe and Sub-Saharan Africa. Structural reforms continue to improve the country's capacity to attract FDI and enhance its overall competitiveness, leaving it well placed to benefit from any adjustment in trade flows or realignment in global supply chains. We are delighted to establish our office in Morocco and are ready to support our clients capture the many growth opportunities the country has to offer.' Standard Chartered's new representative office Morocco follows the launch of a fully-fledged banking operation in Egypt in early 2024 and Saudi Arabia in 2021. The office will enable Standard Chartered to broaden and deepen relationships with international businesses, particularly in the agro-industrial, automotive, aeronautics, and renewable energy sectors . Morocco is the sixth largest economy in Africa. Its economy expanded 3.2 percent in 2024 and GDP growth is expected to increase to around 3.7 percent over the next few years. This is supported by a new series of infrastructure projects and the continued implementation of the country's structural reform agenda . Over the past decade, Standard Chartered has collaborated closely with the banking sector in Morocco, developing strong relationships with all major players. The representative office will serve as a platform to deepen those partnerships and deliver tailored banking solutions to multinational and regional clients.
