Morocco pleaded, this Thursday in Vienna, for the implementation of harmonized and clear rules, with a view to a better contribution of the private sector to the decarbonization of the economy. Speaking at a high-level round table of Member States of the United Nations Commission on International Trade Law (UNCITRAL), devoted to the organization’s action on climate change and private law, Ambassador , permanent representative of the Kingdom of Morocco in Vienna, Azzedine Farhane, stressed the need for harmonized and clear rules so that “private investment contributes to the billions of dollars needed to decarbonize the economy”.
“We understand the importance for the private sector to benefit from legal certainty and a clear legal regime when investing in climate change”, he said, also advocating the need to “develop the legal infrastructure necessary for private sector participation in carbon and green bond markets”.
In his opinion, it is important for Morocco, as for many other developing economies, to be “closely associated and to participate in the discussions on the legal infrastructure, in order to provide the private sector with the legal certainty and the incentives legal requirements”.
“We are also aware that these new markets and market mechanisms are multi-faceted and complex, and so we believe it is important to have a clear mapping of all the legal issues that arise,” continued the diplomat, expressing Morocco’s readiness to “contribute positively to this debate” with other States and interested international organizations.
“Faced with a global challenge, we need a global response and we must all contribute to the design of the legal infrastructure”, he assured, noting that UNCITRAL is “well placed to contribute contribution, within the framework of its mandate”. And to clarify that the universal membership of UNCITRAL provides developing countries like Morocco with an inclusive forum to develop legal rules and standards that work for everyone and help achieve the overall goal.
Regarding the Kingdom’s contribution to global efforts to combat climate change, A. Farhane recalled that Morocco is committed to supporting the efforts of the international community to deal with climate change.
In this regard, recalled the diplomat, the Kingdom signed the United Nations Framework Convention on Climate Change (UNFCCC) in 1992, ratified it in 1995, and organized in 2001, the 7th Conference of Parties (COP7) which made the Kyoto Protocol operational.
In this dynamic, the diplomat recalled that Morocco organized in November 2016, in Marrakech, for the second time, the Conference of Parties (COP 22), which was marked by a series of commitments for the implementation of the Paris Agreement.