Casablanca Finance City Authority (CFCA) strengthened its position as a leader in sustainable finance during Climate Week NYC by signing two significant cooperation agreements. These agreements aim to accelerate the development of voluntary carbon markets in Africa, a crucial step towards addressing the continent’s climate finance gap.
The first agreement, signed with Madagascar’s Ministry of Environment and Sustainable Development, marks a significant step towards building national and regional frameworks aligned with principles of transparency, environmental integrity, and sustainable development. This strategic partnership will accelerate the development of carbon projects in Madagascar, one of the world’s largest carbon sinks, and facilitate the entry of carbon credits into the market. A capacity-building program will also be implemented to offer training in sustainability-related professions across the carbon value chain.
Madagascar’s Minister of Environment and Sustainable Development, Max Andonirina Fontaine, emphasized that this partnership is part of the country’s vision to engage in carbon markets through ambitious South-South cooperation. This initiative aligns with the momentum generated by the African Carbon Markets Task Force, announced during the 2025 African Ministerial Conference on the Environment (AMCEN) in Nairobi.
The second agreement, signed with the International Carbon Reduction and Offset Alliance (ICROA), lays the foundations for closer collaboration to promote robust carbon market structures across the continent. This partnership will create a governance framework adapted to Africa, disseminate ICROA’s best-practice standards, and provide capacity building for regulators, financial institutions, and businesses. Joint research and advocacy will also be conducted to harmonize market rules across Africa.
CFCA’s CEO, Saïd Ibrahimi, highlighted the significance of this partnership, stating that it marks another milestone in the authority’s long-term commitment to sustainable finance. ICROA’s Managing Director, Andrea Abrahams, added that Africa has unique potential in terms of carbon credits, but well-functioning carbon markets require integrity and harmonized oversight structures.
Through these agreements, CFCA reaffirms its position as Africa’s leading green financial center, channeling investment flows into sustainable projects and strengthening its commitment to building a competitive, resilient, and low-carbon economy. The partnership is expected to contribute to addressing the continent’s $2.8 trillion climate finance gap and promote sustainable development in Africa.