In a significant achievement for Morocco, the IMAL Initiative for Climate and Development, a prominent think tank based in Rabat, has been recognized as one of the five global winners of the Global Capacity Building Coalition (GCBC) Accelerator. This prestigious accolade was announced on October 14 during the World Bank and International Monetary Fund (IMF) Annual Meetings held in Bangkok, Thailand. This recognition comes at a crucial time as Morocco navigates considerable financial hurdles in its commitment to reducing emissions and adapting to the challenges posed by climate change.
Out of 65 applicants, which included a diverse array of think tanks, public institutions, private companies, and academic organizations, IMAL stood out by demonstrating its potential to develop national platforms aimed at directing investments towards climate and development priorities. The support from the GCBC Accelerator will span over 12 months, providing IMAL with the necessary resources to foster initiatives that align with Morocco's climate objectives.
Established in 2022, the IMAL Initiative for Climate and Development is touted as North Africa’s first independent, nonprofit think tank dedicated exclusively to climate issues. The organization conducts comprehensive research, facilitates policy dialogue, and collaborates with stakeholders to promote climate action throughout Morocco and across African and Arab nations. IMAL's approach is rooted in African, Arab, and Mediterranean perspectives, emphasizing a transition towards green economies and resilience in the face of climate variability.
The name IMAL, derived from the Tamazight word meaning “future,” encapsulates the think tank's commitment to sustainable development and climate resilience. As Morocco grapples with the imperative to fulfill its climate commitments, the recent selection of IMAL underscores the urgency of securing resources for climate action. The nation has set ambitious targets to reduce greenhouse gas emissions by 53% by 2035, necessitating an estimated $60 billion in funding, alongside an additional $36.1 billion for climate adaptation initiatives.
Given the scale of these financial requirements, access to funding emerges as a pivotal concern for Morocco's climate policy. Relying solely on public funds and international assistance may fall short, thereby highlighting the critical need for increased private investment and effective coordination among institutions involved in climate action.
To address these challenges, Morocco has already implemented measures to enhance its climate finance framework. These include the development of a national climate finance strategy and the integration of climate considerations into public budgets. Additionally, IMAL has played an instrumental role in discussions surrounding the establishment of a national Country Platform for climate finance, which aims to align Morocco’s development goals with its climate commitments while creating investment opportunities.
Iskander Erzini Vernoit, Co-founder and Executive Director of IMAL, emphasized the importance of strengthening climate finance mechanisms globally, stating that the selection reflects the pressing need for enhanced financial strategies in both developed and developing nations. He urged developed countries to fulfill their financial obligations under the Paris Agreement and called on developing economies to innovate in directing capital towards their climate priorities.
As IMAL aims to leverage the GCBC Accelerator to bolster Morocco's climate initiatives, the organization is poised to identify priority investment areas and broaden its impact both in Morocco and across the African continent. The success of this collaboration will depend on how effectively national stakeholders convert the proposed platform into actionable investment priorities and coordinated efforts.
As reported by moroccoworldnews.com.
