As part of its participation in COP28 from November 30 to December 12, Morocco hosted a major side event on December 3 at the Moroccan Pavilion. The event focused on inclusive aquaculture and featured renowned experts, including representatives from the World Bank, the Islamic Development Bank, the National Agency for Aquaculture Development, as well as Morocco's Ministry of Economy and Finance.
The event aimed to shed light on Morocco's progress and initiatives in the blue economy and sustainable aquaculture. It also sought to contribute to achieving Sustainable Development Goal 14, which focuses on conserving and sustainably using oceans, seas, and marine resources for sustainable development.
Key points addressed during the event included financing mechanisms for the blue economy, the potential of Morocco in productive sectors such as fishing and aquaculture, and the country's leadership in formulating public policies promoting synergy, funding for new income-generating activities, and environmental and social considerations.
Majida Maarouf, the Director-General of the National Agency for Aquaculture Development, presented Morocco's aquaculture development strategy, emphasizing its alignment with blue economy principles. She highlighted aquaculture planning as an innovative tool to catalyze productive investment, showcasing Morocco's aquaculture investment dynamics, particularly in projects led by young entrepreneurs, women, and small to medium-sized enterprises.
The Islamic Development Bank outlined its strategy for promoting productive sectors addressing food security and outlined its financing program, including the region, sector, and strategic objectives focused on investment promotion, production valorization, and trade and export stimulation.
Additionally, during COP28, initiatives related to the blue economy were realized, such as the "Partnership for a Blue Mediterranean," set to begin operations in early 2024 with an ambitious goal of mobilizing at least €1 billion in investments. The partnership, involving partners and donors committed to sustainable blue economy development in the South Mediterranean region, was formalized through a letter of understanding.
The "Partnership for a Blue Mediterranean" aims to address challenges in the Mediterranean and Red Sea regions, initially focusing on Egypt, Jordan, and Morocco. This collaborative initiative seeks to catalyze sustainable projects contributing to marine ecosystem preservation in these critical areas.
The COP28, attended by representatives from nearly 200 countries, focused on combating the climate crisis. Progress of the Paris Agreement was assessed, and an action plan was established to reduce emissions and protect the lives and livelihoods of populations. Notably, the conference implemented a compensation fund for climate-related "loss and damage" for vulnerable countries, marking a historic decision from the previous COP27 in Egypt.
Several countries, including the UAE, Germany, the UK, the US, and Japan, announced financial contributions to this fund during the conference.