Carbon compliance for EU exports (CBAM) and the origin-certificate registry

• The definitive CBAM mechanism applies from 1 January 2026; electricity (CN 2716 00 00) is listed in Annex II and counted on direct emissions only. • Electricity and hydrogen are excluded from the 50-tonne de minimis; the first annual declaration and certificate surrender is due 30 September 2027 (covering 2026 imports); certificates are sold from 1 February 2027 with quarterly holdings ≥ 50 % from 2027. • Morocco has no national carbon market or carbon tax; the international channel is Article 6.2 bilateral cooperation (Morocco-Norway agreement of May 2026, GBI supporting about 2 GW of renewables plus storage, 2026–2036). • Origin-certificate registry: Ministry of Energy AMI n°1/DEDEE/2026 (notice of 27 March 2026; launched 1 April, closed 1 June, about 15 applicants); the formal tender is pending. Basis: décret n° 2-24-761 (published 14 November 2024) — issued by MTEDD, 60-day decision, validity ≤ 12 months. • Morocco-Spain interconnection: 2 lines / 7 cables / 1,400 MW; the third link (about 700 MW) is postponed from 2026 to 2030 (official REE and CNMC documents).