The Moroccan central bank is paving the way for green finance by publishing a directive encouraging Moroccan banks to integrate environmental issues into their strategies.
Bank Al-Maghrib (BAM), the Moroccan central bank, presented its initiatives to address climate risks and promote sustainable finance during an event organized on the sidelines of the 29th Conference of the Parties (COP29) in Baku, Azerbaijan .
The event, held at the Moroccan Pavilion, highlighted BAM’s strategic efforts to mitigate financial vulnerabilities linked to climate change while encouraging an inclusive and environmentally friendly energy transition.
Najwa Mouhaouri, head of the Green Finance unit within BAM, presented the main axes of the approach adopted by the bank to advance green finance in Morocco. This strategy is based on several pillars: raising awareness among financial sector players about climate risks, organizing training workshops on environmental risk management, and strengthening dialogue between stakeholders.
The bank is also exploring partnerships with national and international institutions in order to analyze the opportunities and challenges inherent to the development of the green banking sector in Morocco.
In his intervention, Mouhaouri stressed that these efforts are part of the Kingdom’s Low Carbon Strategy 2050 and Morocco’s climate commitments, in particular its Nationally Determined Contributions (NDC).
Bank Al-Maghrib, a member of international networks such as the Network for a Greener Financial System (NGFS) and the Network for Sustainable Banking and Finance (SBFN), integrates global best practices in sustainable finance. These affiliations allow the institution to strengthen its capacities in climate risk management and promote a resilient financial sector.
Commitments aligned with international standards
As part of its regulatory mission, BAM issued a directive to Moroccan banks, encouraging them to integrate environmental considerations into their strategies. This normative framework includes guidelines for governance, risk management, training and transparency in financial reporting.
These measures aim to support the national energy transition while strengthening the resilience of the banking sector in the face of climate challenges.
COP29, which takes place from November 11 to 22 in Baku, focuses on climate financing, a central issue in the fight against environmental disruption. Developed countries are being urged to meet their financial commitments to developing nations to help them reduce emissions and adapt to the growing impacts of climate change.
This conference brings together a diversity of actors, ranging from politicians and business leaders to environmental activists, including representatives of indigenous communities and civil society. However, the strong presence of fossil fuel lobbyists – numbering 1,770, some of whom are part of official delegations – has sparked virulent criticism from NGOs, who denounce possible conflicts of interest.
The choice of Azerbaijan as host of this edition has also been the subject of controversy, due to its position as a world leader in crude oil production, which raises questions about the coherence of climate objectives with energy interests of the country.
Thus, on the sidelines of this conference with multiple issues, the contribution of Bank Al-Maghrib illustrates Morocco’s concrete commitment in the fight against climate change, while strengthening the role of the financial sector in the ecological transition.
MK/te/APA
