Madagascar & Morocco Forge Partnerships to Accelerate African Carbon Markets
Madagascar and Morocco are taking meaningful steps to bolster the advancement of carbon markets across Africa, driven by new collaborations focused on project acceleration, capacity building, and adherence to international standards.
Madagascar’s Ministry of the Surroundings and Sustainable Development recently signed a Memorandum of Understanding (MOU) with Climate Finance Convergence (CFC) to expedite the development of carbon projects within the country, recognized as a major global “carbon well.” The partnership will specifically focus on accelerating the issuance of Letters of Accreditation (LOA) to facilitate carbon credit marketing, and establishing a comprehensive capacity building program to train professionals across the entire carbon value chain. Minister Max Andonirina Fontaine emphasized the MOU aligns with Madagascar’s vision for full participation in carbon markets through South-South cooperation, leveraging natural solutions and strengthening African partnerships.
This initiative is part of a broader movement spearheaded by the African Task Force on carbon markets, announced by Minister Benali at the African Ministerial conference on the Environment (AMCEN) 2025 in Nairobi. the partnerships highlight Madagascar’s commitment to climate action and CFCA’s role in connecting African nations with international expertise and financing.
Meanwhile, Casablanca Finance City Authority (CFCA) is solidifying its position as a leading green financial center in Africa through a new partnership with the International Carbon Reduction and Offset Alliance (ICROA). This collaboration aims to establish a competitive carbon market aligned with global standards, building on CFCA’s existing work to create a voluntary carbon market infrastructure. Backed by the Caisse de Dépôt et de Gestion (CDG), CFCA is bringing together project developers, financial institutions, certifiers, and companies.
The partnership addresses the significant $2.8 trillion climate funding gap in Africa by focusing on a continent-specific governance framework, disseminating ICROA best practices, and building capacity among regulators, financial institutions, and businesses. Joint research and advocacy will also be undertaken to harmonize African market rules.
“This partnership is an additional step in our long-term commitment to sustainable finance,” stated Said Ibrahimi, CEO of CFCA. “by combining our African anchoring with the international expertise of ICROA, we go from structuring to execution by creating the favorable conditions to integrate the entire value chain, direct capital towards sustainable projects and strengthen the confidence of investors.”
Andrea Abrahams, Managing Director of Icroa & Ieta VCM, added, “Africa has a unique potential in terms of carbon credits, but market credibility requires integrity and harmonization of supervision frames. With CFCA, we found a reliable partner to build the foundations of a robust African market and aligned on international standards together.”