Latest market news

Cop: Norway signs Article 6.2 deal with Morocco

  • Märkte: Electricity, Emissions
  • 12.11.26

Norway signed an agreement with Morocco on Thursday under Article 6.2 of the Paris climate deal, through which it will provide financial support to renewable power projects in Morocco. It signed a similar agreement with Indonesia the day before.

The Moroccan wind and solar projects could generate up to 8.78mn t of emission reductions over a 10-year period available for purchase by Norway, the Norwegian climate ministry said today.

Morocco has favourable wind and solar conditions, but projects there are not presently profitable enough to be developed, the ministry said.

Article 6.2 allows countries to enter into bilateral agreements to trade internationally transferred mitigation outcomes from a project host country to a buyer country, which can then count the emissions reductions towards its climate targets.

The deal follows a bilateral agreement between the countries in May to collaborate on reducing Morocco's power sector emissions through Article 6.

Norway is one of 10 buyer countries under Article 6.2 arrangements, and has bilateral deals with eight other countries under the mechanism — Kenya, Senegal, Zambia, Benin, Jordan, Pakistan, Switzerland and Indonesia.

Norway concluded an agreement on Wednesday to provide financial support for greenhouse gas emission reductions in Indonesia's power sector by shifting to solar from coal. Norway will purchase up to 12mn t of Indonesian emission reductions over 10 years.


Teilen

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more