Morocco and Norway have signed a new deal to boost cooperation on carbon markets, back renewable energy investments, and speed up their emission reduction goals. 

The agreement was inked by Morocco's Energy Transition Minister Leila Benali and Norway's Climate and Environment Minister Andreas Bjelland Eriksen. It paves the way for joint climate projects and makes use of carbon market mechanisms between the two nations.

Under the deal, both sides can develop shared climate initiatives using what's known as the Internationally Transferred Mitigation Outcomes (ITMO) mechanism, under Article 6 of the Paris Agreement. Morocco's Energy Transition Ministry said in a statement that the aim is to build market-based cooperation approaches guided by Article 6.2.

Through this new partnership, the two countries hope to back high-impact climate projects, push for sustainable investment flows, and strengthen carbon markets in the global push to cut emissions. 

Also on the table is a planned Generation Based Incentive (GBI) scheme, which is expected to help reduce emissions by encouraging cleaner energy production.