On Thursday in Vienna, Morocco called for the implementation of clear, harmonized rules to enhance the private sector’s contribution to decarbonizing the economy.

Speaking at a high-level round table of member states of the United Nations Commission on International Trade Law (UNCITRAL), devoted to the organization’s work on climate change and private law, the Ambassador, Permanent Representative of the Kingdom of Morocco in Vienna, Azzedine Farhane, stressed the need for harmonized and clear rules so that “private investment contributes to the billions of dollars needed to decarbonize the economy”.

“We understand the importance for the private sector to benefit from legal certainty and a clear legal regime when investing in climate change”, he said, while advocating the need to “develop the legal infrastructure necessary for private sector participation in carbon and green bond markets”.

According to him, it is important for Morocco, as for many other developing economies, to be “closely involved and participate in discussions on legal infrastructure, in order to provide the private sector with the necessary legal certainty and legal incentives”.

“We are also aware that these new markets and market mechanisms are multifaceted and complex, and we, therefore, believe it is important to have a clear mapping of all the legal issues that arise,” added the diplomat, expressing Morocco’s readiness to “contribute positively to this debate” with other interested states and international organizations.

“Faced with a global challenge, we need a global response, and we must all make our contribution to the design of the legal infrastructure”, he underlined, noting that UNCITRAL is “well placed to make its contribution, within the framework of its mandate”.