Morocco’s roadmap for the alignment of the financial sector with climate change commitments
The Moroccan financial sector’s actors from the private and public sector have established a roadmap for the alignment of the financial sector with climate change commitments. The Roadmap was presented at the COP22 in November 2016 in Marrakech. It is rooted in a broader economic and political vision in which public authorities have a vital role to play in promoting green projects and the development of sustainable financial products. One of the key measures proposed in this framework is to improve support offered to SMEs, especially through guarantee funds and co-financing funds. The aim being to support investment projects in the green economy and adaptation projects to climate change which weigh heavily on corporate budgets, and encourage businesses that committed themselves to an environmental and social management.
In line with the commitment of Morocco to promote regional South-South cooperation, and capitalizing on the presence of the Moroccan financial sector in Africa, this roadmap includes an African dimension encouraging the emergence of a green finance at the continental level.
In its Moroccan component, the roadmap features five major axes that constitute the sector’s commitments to show its firm determination to support the country’s contribution to the global action in the fight against climate change.
The commitment pillars are as follow:
- Extending risk based governance to socio-environmental risks;
- Develop sustainable financial instruments & products;
- Promote financial inclusion as a vehicle of sustainable finance;
- Capacity building in sustainable finance;
- Capacity building in sustainable finance, and transparency and market discipline.