While U.S. taxpayers continue to subsidize the world’s biggest fossil fuel companies, the African desert kingdom of Morocco just announced plans to phase out payouts to companies pumping fossil fuels. According to Responding to Climate Change (RTCC), Morocco recently made a pledge to the United Nations to reduce greenhouse gas emissions 32 percent by 2030, compared to “business as usual” projected emissions. Key to meeting that pledge is their promise to substantially reduce fossil fuel subsidies.
Morocco, which imports as much as 90 percent of its energy, is the 40th country in the world to put forward this kind of draft climate action plan to the UN. And pledges such as this are setting the stage for a global climate agreement set to be signed in December at the 2015 UN climate change summit in Paris. According to the submission to the UNCFCC, Morocco’s commitment is contingent upon gaining access to new sources of finance and enhanced support, compared to what it has received in past years.
In order to meet the country’s target reduction of 401 metric tonnes of carbon dioxide between 2020 and 2030, the country will need a total investment of $45 billion USD, of which $35 billion is conditional upon international support through new climate finance mechanisms like the Green Climate Fund.
And according to its pledge, Morocco has already made some big efforts to adapt to a low-carbon economy, including devoting 64 percent of all climate-related spending to adaptation–a total of 9 percent of the country’s overall investment expenditures.