On the sidelines of Climate Week NYC, Casablanca Finance City Authority (CFCA) reinforced its leadership in sustainable finance by signing two major cooperation agreements aimed at accelerating the development of voluntary carbon markets in Africa.
The first agreement concluded with Madagascar’s Ministry of Environment and Sustainable Development, marks a decisive step toward building national and regional frameworks aligned with the principles of transparency, environmental integrity, and sustainable development. The second agreement, signed with the International Carbon Reduction and Offset Alliance (ICROA) during the North America Climate Summit 2025 organized by the International Emissions Trading Association (IETA), lays the foundations for closer collaboration to promote robust carbon market structures across the continent.
Building Africa’s Voluntary Carbon Market Infrastructure: CFCA Partners with Madagascar
During Climate Week New York, Casablanca Finance City Authority (CFCA) and Madagascar’s Ministry of Environment and Sustainable Development signed a Protocol of Agreement to jointly advance the structuring of the voluntary carbon market.
This strategic agreement lays the groundwork for a credible and sustainable market based on transparency, environmental integrity, and solid regulatory frameworks. It includes measures:
- To accelerate the development of carbon projects in Madagascar—one of the world’s largest carbon sinks—supporting the regional ecosystem currently being developed by CFC;
- to shorten the timeline for issuing Letters of Accreditation (LOAs), facilitating the entry of carbon credits into the market; and
- to implement a capacity-building program offering training in sustainability-related professions across the carbon value chain.
“The signing of this MoU with CFC is part of Madagascar’s vision to fully engage in carbon markets through ambitious South-South cooperation that highlights our natural solutions and strengthens our African partnerships.” explained Max Andonirina Fontaine, Minister of Environment and Sustainable Development.
This MoU is also aligned with the momentum generated by the African Carbon Markets Task Force, announced by Minister Benali during the 2025 African Ministerial Conference on the Environment (AMCEN) in Nairobi. These initiatives highlight Madagascar’s strong commitment to climate action and underscores CFCA’s catalytic role in connecting African countries with international expertise and sustainable financing opportunities.
ICROA–CFCA: A Partnership for a Competitive Carbon Market Aligned with Global StandardsThis partnership builds on CFCA’s ongoing efforts to position Casablanca as a leading hub for sustainable finance and decarbonization in Africa. With the support of the Caisse de Dépôt et de Gestion (CDG), CFCA is already working to establish a voluntary carbon market bringing together all actors of the entire value chain—project developers, financial institutions, certifiers, and businesses—while equipping the continent with the necessary infrastructure.
Casablanca thus strengthens its role as Africa’s carbon finance hub, providing concrete responses to the continent’s $2.8 trillion climate finance gap. Priorities for collaboration include the creation of a governance framework adapted to Africa, the dissemination of ICROA’s best-practice standards, capacity building for regulators, financial institutions, and businesses, as well as joint research and advocacy to harmonize market rules across Africa.
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.”
Through these agreements, CFCA reaffirms its position as Africa’s leading green financial center, channeling investment flows into sustainable projects and strengthening its long-term commitment to building a competitive, resilient, and low-carbon economy.
