Marrakech, Morocco was the site of the last year’s “COP22,” the follow-on to the 2015 Paris meeting that resulted in the global climate accord.
At the meeting, the kingdom committed $100 million to the World Bank’s green bond initiative.
Now, Banque Centrale Populaire has raised €135 million ($151 million) from the International Finance Corp. and Proparco for Morocco’s first green bond issuance in a foreign currency.
The bank’s goal is to enable long-term institutional investments in Morocco’s renewable energy sector. The 10-year bond will be used to refinance the bank’s renewable energy investments.
Banque Centrale Populaire estimates the projects financed will curb 938,000 tons of CO2 emissions per year.