Morocco has the potential to emerge as a regional hub for sustainable finance, according to David Tinel, the Maghreb Regional Representative for the International Finance Corporation (IFC).
“With a financial system committed to combating climate change and an increased availability of credit, green financing in Morocco holds significant growth potential,” Tinel told MAP, ahead of the Africa Financial Summit (AFIS-2024) scheduled for December 9-10 in Casablanca.
In this regard, he emphasized the importance of continuing to strengthen the regulatory framework and fiscal incentives to attract green investments.
“The development of public-private partnerships can further catalyze sustainable projects,” he noted, stressing that improving transparency, particularly through sustainability reporting and good governance of green projects, will boost the confidence of foreign investors.
He also highlighted that promoting financial innovation, such as biodiversity or transition bonds and sustainable investment funds, could diversify funding sources and attract more international capital.
Tinel recalled that over the past 20 years, Morocco has taken decisive steps to combat climate change through ambitious national and sectoral policies.
“Strong commitments have been made by the authorities in favor of climate action, such as achieving carbon neutrality by 2050,” he remarked, emphasizing significant progress in developing renewable energy projects, particularly solar and wind initiatives.
He further underlined the need for increased financing of climate-related assets, noting that Morocco’s climate financing needs are estimated at nearly $80 billion by 2030 to meet its mitigation and adaptation goals.
“Banks can finance the transition to a low-carbon economy and large-scale adaptation projects. To do so, they must further enhance their capacity in climate financing and risk management, notably by offering climate-specific financial and non-financial products and services,” he recommended.
Tinel stated that as part of its strategy to develop sustainable finance in Africa, the IFC has financed green projects in Morocco and supported climate-related initiatives, such as establishing guidelines for green bond issuance and assisting local banks in strengthening climate risk management.
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