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:
The fulfillment of this commitment requires the strong involvement of all Moroccan stakeholders, first of all the financial sector as a whole, which has to contribute to and support the transition towards a more responsible and sustainable economy.
The roadmap is therefore the outcome of the collaboration of all industry regulators and professionals representing the Ministry of Economy and Finance, the Moroccan Capital Market Authority the Supervisory Authority of Insurance and Social Welfare, Casablanca Finance City Authority, Casablanca Stock Exchange, the Moroccan Bankers’ Association; and the Moroccan Federation of Insurance and Reinsurance Companies.
It was developed in coordination with the COP 22 Scientific Commission and is in line with the commitments made by Morocco under the historic Paris Agreement, whose implementation process, including its funding component, was initiated at the 22nd meeting of the UN Conference of the Parties.
With regards to the capital market, the AMMC and the Casablanca Stock Exchange they have committed:
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…
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:
The fulfillment of this commitment requires the strong involvement of all Moroccan stakeholders, first of all the financial sector as a whole, which has to contribute to and support the transition towards a more responsible and sustainable economy.
The roadmap is therefore the outcome of the collaboration of all industry regulators and professionals representing the Ministry of Economy and Finance, the Moroccan Capital Market Authority the Supervisory Authority of Insurance and Social Welfare, Casablanca Finance City Authority, Casablanca Stock Exchange, the Moroccan Bankers’ Association; and the Moroccan Federation of Insurance and Reinsurance Companies.
It was developed in coordination with the COP 22 Scientific Commission and is in line with the commitments made by Morocco under the historic Paris Agreement, whose implementation process, including its funding component, was initiated at the 22nd meeting of the UN Conference of the Parties.
With regards to the capital market, the AMMC and the Casablanca Stock Exchange they have committed:
African governments and private issuers are entering this market joining the traditional issuers of such bonds (Development banks). Among others, funds are aimed at renewable energy, low-carbon transport, water infrastructure, sustainable agriculture and manufacturing, and green building.
In Morocco, there have been three private sector issuances in 2016 and one more are to follow. There is growing interest from private investors in such innovative tools. The issues amount so far to 260 million USD with one issued in Euro. The bonds were initiated by private issuers including banks and a renewables company – MASEN. They were issued privately and are intended to finance renewable energy and energy efficiency projects.
AMMC provided a green bond guide to give a proper framework for such issuances on the local market. The Green Bonds guide was issued in 2016 after public consultation and was drafted in collaboration with the International Finance Corporation IFC.
Since COP22, actions are being taken all over the world on green finance. COP21 and COP22 have brought in new issuers and provoked investor interest into the nascent African green bonds market.
African governments and private issuers are entering this market joining the traditional issuers of such bonds…
African governments and private issuers are entering this market joining the traditional issuers of such bonds (Development banks). Among others, funds are aimed at renewable energy, low-carbon transport, water infrastructure, sustainable agriculture and manufacturing, and green building.
In Morocco, there have been three private sector issuances in 2016 and one more are to follow. There is growing interest from private investors in such innovative tools. The issues amount so far to 260 million USD with one issued in Euro. The bonds were initiated by private issuers including banks and a renewables company – MASEN. They were issued privately and are intended to finance renewable energy and energy efficiency projects.
AMMC provided a green bond guide to give a proper framework for such issuances on the local market. The Green Bonds guide was issued in 2016 after public consultation and was drafted in collaboration with the International Finance Corporation IFC.
Further to a joint collaboration between Casablanca Stock Exchange and the independent international research and services agency ESG Vigeo Eiris, the two parties have set up “Casablanca ESG 10”, an environmental, social and governance benchmark index.
The purpose behind “The establishment of “Casablanca ESG 10″ is to attract a new category of SRI investors by providing them with a reference tool that meets their needs, to shed light on Casablanca financial center on an the international scale, while promoting the development of ESG best practices among publicly-traded companies,” said Karim Hajji, CEO of the Casablanca Stock Exchange.
The new guidelines have been developed by AMMC with advisory support from IFC, and comprise updated guidelines for Morocco’s green bonds market, as well as a new framework for the social and sustainability bonds market, combined into a single reference document.
Download AMMC Green, Social and Sustainability Bonds Guidelines
IFC, a member of the World Bank Group, and AMMC, the Moroccan capital markets authority, announced on the 6th July 2018 a comprehensive set of guidelines for new financial instruments to address climate change and drive positive social outcomes in the country.
The new guidelines have been developed by AMMC…
The new guidelines have been developed by AMMC with advisory support from IFC, and comprise updated guidelines for Morocco’s green bonds market, as well as a new framework for the social and sustainability bonds market, combined into a single reference document.
Download AMMC Green, Social and Sustainability Bonds Guidelines