COP29: Moroccan Minister Makes Case for Transnational Incentives to Drive Sustainable Energy

Morocco’s Minister for Energy Transition and Sustainable Development, Leila Benali, said during a speech at the COP29 summit in Baku, Azerbaijan, that risk management techniques and financial instruments are important in speeding up action to address climate change.
She linked the potential success of the fight against climate change to the ability to provide these essential instruments, which are “crucial for inspiring confidence in renewable energy projects.”
Speaking during the session entitled, “Increasing Investment in Clean Energy Systems in Emerging and Developing Economies (EMDEs)” sponsored by the International Renewable Energy Agency (IRENA), the Breakthrough Agenda, and the Energy Transition Council, Benali pointed out the limited scope of subsidies and incentives available within national borders as a significant challenge.
She lamented the restricted financial support that often limits cross-border collaborations and slows the global transition to renewable energy.
To effectively combat global warming, she asserted, governments must stimulate public-private investments while simultaneously reducing energy and transportation costs for all populations.
Nations must also provide high-quality services to their citizens, ensuring that projects align with both economic and environmental goals.
A major part of her address focused on the importance of cross-border incentives, which she described as “key to structuring sustainable projects.” By encouraging collaboration between developed and emerging markets, these incentives can help showcase how funds are being channeled into projects that contribute to reducing greenhouse gas emissions.
Benali also noted the importance of adapting business models and creating favorable regulatory environments that promote sustainable development and scale the transition to clean energy.
The Minister also addressed Morocco’s ongoing efforts to enhance climate financing, specifically by scaling up projects and reducing the costs of emerging technologies like ammonia, hydrogen, and battery storage.
She stated that these efforts are aimed at ensuring projects are well-structured, economically viable, and attractive to investors, providing strong returns on capital.
At COP29, Benali is also engaging in bilateral meetings with a number of officials. These include the Emirates’ Minister of Climate Change and Environment, Amna bint Abdullah Al Dahhak, Qatar’s Minister of Environment and Climate Change, Abdullah bin Abdulaziz bin Turki Al Subaie, and Ditte Juul Jørgensen, the Director-General of Energy at the European Commission.
These discussions have centered on strengthening bilateral cooperation and forging new partnerships in energy transition and sustainable development.
During her participation in the high-level meeting on the Baku Initiative for climate financing, investment, and trade on Wednesday, Benali said innovative approaches to climate and trade linkages are needed to help mitigate the inflationary effects of energy transitions. She noted the importance of addressing both the financial and regulatory gaps that hinder effective climate action.
Finally, Benali called for stronger support for national contributions (NDCs) and the development of clear, climate-focused policies in critical sectors such as agriculture, financial market infrastructure, and mining.
COP29 runs from Nov 11 to 22.