In partnership with GARF Private Investors, Beya Capital, the Global Environment Fund and many other philanthropic institutions, Morocco has launched the Marrakech Investment Committee for Adaption (MICA). The $500 million Fund will be first that the government develops with private investors.

The launch took place on the sidelines of the Climate Finance Action Summit 2016 whose topic was the development real financial solutions to fight climate change, in Africa especially. “Finance must not be a roadblock to projects’ development,” said Mustapha Bakkoury, President of the Moroccan Agency for Sustainable Energy (MASEN).

Let’s recall that adaption is the main challenge to which African nations are confronted in the fight against global warming. So far, only a small part of $100 billion promised by developing nations to deal with the problem has been secured. Given that this issue could cost the continent up to $50 billion yearly, by 2050, it is one of the major topics of the COP22 which is currently going on in Marrakech.

Gwladys Johnson