The World Bank has approved a new $300 million (£202m) loan to support Morocco’s green growth strategy.
The Development Policy Loan (DPL) backs the country’s efforts to meet its energy challenges by developing the renewable market, energy efficiency regulation in the building sector and removing fossil fuel subsidies.
The latter is expected to result in “significant” savings and contribute to reducing CO2 emissions by up to 14 million tonnes every year.
Marie Françoise Marie-Nelly, World Bank Country Director for the Maghreb said: “Morocco has shown that even in middle income countries, the adoption of climate smart policies is beneficial for the people, the economy and the environment. The choice between the environment and jobs is often the wrong choice.
“The 22nd Conference of the Parties (COP 22) to be convened in Marrakesh in November 2016 will provide additional opportunities to show that green growth is a reality in Morocco.”
Earlier this month, world leaders agreed on a deal to tackle climate change at COP21 in Paris.