Statement delivered by H.E. Leila Benali, Minister of Energy Transition and Sustainable Development, Morocco
V20 MINISTERIAL DIALOGUE X
16 April 2023
H.E. Leila Benali, Minister of Energy Transition and Sustainable Development, Morocco
Obviously, we need to develop Climate Prosperity Plans to deliver really positive climate action in the framework of the development programs that we have discussed. Morocco, being a destination for competitive renewable projects, we want to ensure delivery of Sustainable Development Goals for our people, for our economy, and also for our region, our region being Africa, Europe, and the Atlantic basin. So, I really want to echo our support for the Accra-Marrakech Agenda to reform the international financial architecture to deliver something for the most vulnerable.
But it is really vital to flag the issue of risks, of risk sharing, and of risk mitigation and taking into account the various risks that are in that trajectory. So, while it is really great to see financial engineering at work in organizations, we wanted also to mention that the World Bank and IMF would be unequivocal with regards to the 1.5 degrees limits of the Paris Agreement. It really has to be non-negotiable.
When it comes to risk sharing, I mean we are quite happy to see additional thinking on macro level insurance on contingent debt clauses, on strengthening social safety nets – that’s very important, indeed – and pre-arranged financing programs and financing arrangements. However, we really want to take into account the fact that on the mitigation and adaptation framework that we are having, we start to see, in addition to the loss and damage issues that some countries are facing, and our group of countries is facing, we also noticed an issue regarding the development in the financing of renewable projects and the long-term nature of those projects. So, there has to be a re-thinking of insurance and the re-thinking of the risk sharing of those renewable projects that are meant to tackle climate change. So, we are looking forward of course for the V20 to have an independent voice on the table of global economic transformation.
Thank you very much.
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