Morocco’s state-run pension fund Caisee de Depot et de Gestion (CDG) has set up a carbon trading fund with capital of $35Million ( or MD300Milion).
CDG will hold 50% of the capital of Fonds Capital Carbone Maroc (FCCM).
The European Investment Bank will hold a 25% stake.
Caisse de Depots et Consignations, which heads up sustainable development in the country, will also hold 25%.
FCCM will promote and participate in projects connected with implementing the clean development mechanism of the Kyoto Protocol on climate change, which was agreed in 1997.
Under the mechanism, countries can trade their carbon credits on an international market.
The fund will also support developers by buying their carbon credits from them.
It will focus on projects in the renewable energy, energy efficiency, waste management and reforestation sectors.
