News

CDG Group, first institutional investor in Morocco and a major player in the Kingdom's economy, expands its leading position across the continent by announcing its initiative to set up an African investors network.

Wednesday, November 16, COP 22, Moroccan Pavilion, Blue Zone, Marrakech

Well aware of the key role of finance in the achievement of climate objectives, Caisse de Dépôt et de Gestion Group (CDG), a leading financial institution with a total balance sheet of MAD 206 billion (19 billion Euros), announces the launch of a network of African investors. This network, which is also opened to non-African donors such as development banks, commercial banks and investment funds, aims to promote climate finance in Africa. Its creation embodies Morocco's commitment, through CDG, to a low-carbon and climate change resilient development of the African continent.

An investment network that already sparked the interest of African institutions.

For African countries, implementing the national determined contributions (NDCs) will generate huge needs in terms of funding.

Through this network, created in partnership with other financial institutions, notably the African Caisses des Dépôts, the Nigerian National Pension Commission (PENCOM), the French Caisse des Dépôts and the French Development Agency, CDG and its partners wish to bring in their contribution to the mobilization of domestic savings to provide additional funding sources for climate adaptation and mitigation projects.

The involvement of CDG in Africa is nothing new. For many years, it has been assisting several African countries in setting up financial institutions strongly based on the Caisse des Dépôts model.

An international rallying for climate finance in Africa.

The creation of this African investors network was announced on Wednesday, November 16th, closing the event organized by CDG around the topic of “African domestic savings for a low carbon and climate change resilient development” held in the Moroccan Pavilion of the COP22 blue zone. This event chaired by His Excellency Mr. Salaheddine Mezouar, Moroccan Minister for Foreign Affairs and Cooperation and President of COP22, was organized in the form of two round tables: one dedicated to Climate Finance in Africa and the world, and the other one focusing on feedback from African experiences in the mobilization of savings and funding for the transition to a low-carbon environment.

Among the participants in the event, alongside Mr. Abdellatif Zaghnoun, Director General of CDG, were Ms. Chinelo Anohu-Amazu, Managing Director of the Nigerian Pension Fund, Mr. Alain Ebobisse, Managing Director of Africa 50 and Mr Pierre-René Lemas, Chief Executive Officer of the French Caisse des Dépôts et Consignations. Ms. Amal Lee-Amin, Head of the Sustainable Development Division of the Inter-American Development Bank represented Latin America.

Mr. Benoît Leguet, Managing Director of the Think Tank I4CE, dedicated to the economy and climate finance was the moderator.

A network based on a set of common objectives and commitments

This initial set-up phase of the network will come in the form of a 2020 commitment. The integration of climate in funding decisions and development strategies, and the adoption by members of common measures to assess their carbon footprint, are among the objectives of this network. The member countries will also have to join a global coalition of investor named PRI (Principles for Responsible Investment).

Finally, the members commit to assist in the identification of projects and to provide financial support for investment programs destined to Africa.

During this COP22, the COP of action, CDG reaffirms its concrete action to implement the Five Principles of Climate Finance adopted at the 21st Conference of the Parties in 2015.