Dialogue on Climate Finance in the Context of the EU - North Africa Partnership

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Dialogue on Climate Finance in the Context of the EU - North Africa Partnership

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9:00 am October 2024

5:45 pm October 2024

Add to Calendar 2024-10-16 09:00:00 2024-10-16 17:45:00 Dialogue on Climate Finance in the Context of the EU - North Africa Partnership Description Location Policy Center Policy Center Africa/Casablanca public

By invitation

Financing and investing in green energy and climate adaptation is crucial for North Africa, a region with immense potential for green transition and resilience-building yet facing escalating climate change impacts.

The region's green energy potential can be the basis for a renewed partnership between North African countries and the EU, centered on energy security and shared benefits from investment in green industrialization, renewable energy, and the hydrogen economy. However, governments are critical of European unilateral trade measures like the Carbon Border Adjustment Mechanism and fragmented international finance for green energy infrastructure.

North Africa is at the forefront of climate resilience and adaptation. Countries in the region have initiated green policies focused on adaptation. For example, Morocco’s Generation Green Plan (2020-2030) emphasizes innovation, green technology, and resilient, eco-efficient agriculture. In Egypt, modernized irrigation systems and water conservation techniques have been introduced to preserve arable land. However, North African countries face a significant and growing climate adaptation finance gap. Although the EU has committed to supporting adaptation and climate resilience as outlined in the 2021 New Agenda for the Mediterranean, the EU’s adaptation support to North African countries remains low.

At the same time, North African financial authorities are developing comprehensive roadmaps prioritizing the climate agenda, extending beyond financial instruments for adaptation and mitigation. This involves examining the financial risks embedded in climate finance for central banks, defining their roles in providing necessary liquidity, and maintaining macroeconomic stability during transitions.

This situation calls for a reevaluation of the partnership between the EU and North African countries, with a specific focus on the role of climate finance, to achieve the goals of (1) a shared climate adaptation and resilience agenda and (2) a mutually beneficial green energy and industrial development agenda.

Against this background, a multi-stakeholder dialogue, co-organized by the Policy Center for New South (PCNS) and the European Centre for Development Policy Management (ECDPM), will take place on 15 and 16 October 2024 in Rabat, Morocco (and online).

Agenda

08h30-09h00	Welcome coffee and registration
09h00-09h15	Welcome and introduction
09h15-09h30	Opening remarks
09h30-09h45	Keynote presentations
09h45-11h00	High-level panel 1 - Energy finance in the context of the EU-North Africa partnership How can global financial reform accelerate the green energy transition in North African states? How can Europe address North African fears regarding EU decarbonisation tools? How can rapid results be achieved through energy finance? How can the Global Gateway Initiative be more effectively utilised to support North Africa’s green energy transition?
11h00-11h30	Cofee break
11h30-13h00	High-level panel 2 - Adaptation finance in the context of the EU-North Africa partnership How can innovative finance, such as leveraged private sector and blended finance solutions, best support adaptation efforts in North African states? How can these solutions extend to greening public budget spending? - What forms of regional, inclusive policy dialogue can most effectively advance the adaptation agenda across North Africa? How can the EU's approach to climate adaptation cooperation move beyond securitisation and other geopolitical considerations?
13h00-14h15	Lunch
14h15-15h45	Parallel working session 1 - Drawing lessons from innovative finance mechanisms for green energy and adaptation in the North African region What role can innovative climate finance play in supporting adaptation and green energy initiatives, particularly from the private sector (e.g., green bonds, debt-for-climate swaps, blending mechanisms)? What are the key challenges to upscaling locally-led climate projects? How can innovative finance create co-benefits between mitigation and adaptation in North African countries? Parallel working session 2 - The EU-Southern Med partnership and how to improve cooperation on climate finance? What is the role and potential impact of Team Europe Initiatives (TEIs)? How can the Global Gateway Initiative enhance the EU-North Africa partnership? What type of cooperation is needed to better integrate the external dimension of the EU Green Deal with North African priorities? Parallel working session 3 - Changes in the global financial architecture What should bigger, better and bolder Multilateral Development Banks (MDBs) do to accelerate climate finance in North Africa, and how could they better mobilize private investments? How can MDBs enhance collaboration within their system and with various stakeholders—including implementing agencies and donors—to deliver more impactful climate investments? What innovative approaches and financial instruments should be prioritized to drive climate action, especially in climate adaptation, given the rising concern over sovereign debt in many North African countries?
15h45-16h15	Coffee break
16h15-17h00	Presentation of findings of the three workshops
17h00-17h15	Key recommendations and next steps
17h15-17h30	Closing remarks

Dialogue on Climate Finance in the Context of the EU - North Africa Partnership

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Dialogue on Climate Finance in the Context of the EU - North Africa Partnership

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