[New York, September 23, 2025] – On the sidelines of Climate Week NYC, during IETA’s North America Climate Summit (NACS) 2025, Casablanca Finance City Authority (CFCA) and the International Carbon Reduction and Offset Alliance (ICROA) signed a Memorandum of Understanding aimed at strengthening cooperation in the development of carbon markets in Africa.

This partnership builds on CFCA’s ongoing efforts to position Casablanca as a leading hub for sustainable finance and decarbonization in Africa. Together with the Caisse de Dépôt et de Gestion (CDG), CFCA is already working to establish a voluntary carbon market designed to bring together the entire value chain—project developers, financial institutions, verifiers, and corporate buyers—while providing the continent with adapted market infrastructure.

The collaboration with ICROA is a natural extension of this strategy. ICROA, housed within IETA, looks to advance action through its Code of Best Practice and its ICROA Approval program. By drawing on deep expertise in quality standards and environmental integrity, ICROA convenes leading actors to champion transparency, credibility and action within voluntary markets.

The main areas of collaboration include:

  • Establishing a carbon market governance framework: CFCA will support structuring and financing efforts to enhance ICROA, while ICROA will involve CFCA as a partner in its international initiatives.
  • Sharing best practices: Both institutions will work on disseminating the ICROA Code of Best Practice and adapting these standards to African realities.
  • Capacity building: The partnership will cover the organization of conferences, workshops, and training programs for African regulators, financial institutions, and businesses.
  • Research and advocacy: The two institutions will co-publish white papers and forward-looking reports on the future of African carbon markets, while advocating for greater harmonization of regulatory frameworks at the continental level.

Saïd Ibrahimi, CEO of Casablanca Finance City Authority, said: “This partnership marks another milestone in our long-term commitment to sustainable finance. Following the launch of the Green Assets Cluster in July, which already brings together a community of stakeholders engaged in developing carbon projects in Africa, this alliance with ICROA allows us to move one step further. By combining our African anchorage with ICROA’s international expertise, we are laying the foundations for an inclusive and structured carbon market.”

Andrea Abrahams, Managing Director of ICROA & IETA VCM, added: “Africa has unique potential in terms of carbon credits, but well-functioning carbon markets require integrity and harmonized oversight structures. With CFCA, we have found a partner to jointly build the foundations of a credible African carbon market, aligned with international standards.”

This cooperation reinforces CFCA’s commitment to sustainable finance. Already recognized as Africa’s leading green financial center, CFCA continues to channel investment flows into sustainable projects and reaffirms its long-term commitment to a competitive, resilient, and low-carbon African economy.