The European Investment Bank (EIB), Banque du Climat, and Crédit Agricole du Maroc (CAM) announced this Monday, September 12, the launch of technical assistance aimed at better integrating climate risks into the policy of the CAM is to identify climate finance opportunities. .
For 18 months, this support mission will help CAM to improve its methodology for assessing physical and transition climate-related risks, and to set up a reporting and publication system in line with international best practices.
This new support is part of the partnership signed between the two institutions in September 2020, regarding a financing of 200 million euros in favor of Moroccan companies in the agriculture and bioeconomy sector.
This launch also follows a workshop to exchange good practices that took place in 2021, which allowed EIB teams to share the Bank’s approach to climate change. In fact, the EIB Group envisages, within the framework of its climate strategy – aligned with the Paris agreements -, to increase green financing to 50% in all the Bank’s projects, and to mobilize 1 billion for sustainability climate and environment by 2030. .
On this occasion, EIB experts detail the Bank’s new practices and regulations regarding the disclosure and declaration of climate risks, such as the new EU taxonomy and the recommendations of the Task/Force . of Climate / Related Financial Disclosures (TCFD).
This new support will strengthen CAM’s capacity to better prepare for the risks associated with climate change and changes in national and international regulations. This will include developing tools to analyze the CAM portfolio from a green finance perspective and provide a process manual for a risk assessment and measurement system. This work will thus allow to consolidate the approach of the CAM for the green transition and to complete the panoply of the existing systems, in particular the Environmental and Climate Risk Management System.
Thus, this new technical assistance will contribute strongly to the alignment of the CAM with the orientation of Bank Al Maghrib, the Central Bank of Morocco, which published in March 2021 a directive on the management of financial risks related to climate change so that banks integrate. climate and environmental risks in their strategies, governance and decision-making.
“We are going through a crucial period to face climate change and to take concrete actions to build sustainable and low carbon models. The financial sector is part of the solution. As such, the CAM plays a leading role and we are happy to bring our expertise, as the Climate Bank, to support their efforts”. he said Anna Baronrepresentative of the EIB in Morocco. “Everyone benefits from a better integration of climate risk, both financially and in terms of market opportunities. This support concretizes the Roadmap of the EIB Group in its role as Climate Bank for the Kingdom of Morocco.”
The President of the Director of Crédit Agricole du Maroc, Mr. Noureddine Boutayebsaid: ” The drift of the climate is already underway in Morocco, which is in a historic drought this year. The agricultural sector is directly impacted by this scarcity of the water resource of which it is the main user. As a leader in agricultural financing, firmly committed to sustainable development, it is our responsibility to best support our clients in adapting to climate change and strengthening the means of managing and mitigating this risk. The EIB, the climate bank, has serious expertise in this subject and is therefore the ideal partner to continue and deepen the successes of the CAM in terms of the green transition..
Note to editors
European Investment Bank (EIB)
The EIB has been a privileged partner of Morocco for 40 years. The EIB finances the development and implementation of key projects in key sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport or even renewable energies.
BEI World, the new specialized arm of the BEI Group, seeks to increase the impact of international partnerships and development finance. BEI World aims to promote a stronger and more focused partnership with Team Europe, alongside other development finance institutions and civil society. BEI World brings the Group closer to local populations, businesses and institutions through our offices around the world.
AGRICULTURAL CREDIT OF MOROCCO
Since its creation, Crédit Agricole du Maroc has been the first bank for agricultural financing in Morocco. Alongside its traditional banking activities, it plays a major role in the financial inclusion of farmers and the socio-economic development of the rural world.