Morocco leads Africa with carbon credit scheme.

Morocco has established a carbon credits company - the first of its kind in Africa - at a cost of 26.5 million euros. In doing so they have turned the spotlight on far more wealthy countries and large polluters like the USA and Australia who are yet to even set targets.

The company, announced yesterday, was established under the framework of the Kyoto Protocol on climate change.

The shareholders of the company, called the Carbon Capital Fund of Morocco (FCCM), are the Deposit and Management Fund of Morocco (CDG, public) with 50%, the French Deposit Fund with 25% and the European Investment Bank (EIB) with 25%.

According to the press, the FCCM is the first African francophone fund specially devoted to "carbon finance" in Morocco.

The FCCM will support Moroccan promoters in the realization of their projects if they comply with the mechanism for a clean development of the Kyoto Protocol.

In compensation, they could benefit from carbon credits over the period 2008-2017.

The mechanism for a clean development of the Protocol allows a company of an industrialized country to store up credits by investing in projects that reduce emissions of carbon dioxide in developing countries.

Tags: Moroccan Morocco Fes, Maghreb news