A press conference of the Minister of Economy and finance on the road map of the financial sector for the climate : 14/11/2016

A press conference of the Minister of Economy and finance on the road map of the financial sector for the climate

Mr. Mohamed BOUSSAID, Minister of Economy and Finance, participated, Monday, November 14th 2016, with Mr. Abdelaatif JOUAHRI, Wali of Bank Al Maghrib and Mr. Nizar BARAKA, president of the COP22 scientific committee, in the press conference.

Organized at Dar Media at the green area of the village COP22, concerning the roadmap of the Moroccan financial sector for the climate. Took part in this event Mrs. the President of the Moroccan Capital Market's Authority (AMMC) and the President of Supervisory Authority of Insurance and Social Welfare (ACAPS), the President of the Professional Group of Moroccan Banks, the President of the General Confederation of Moroccan Enterprises (CGEM), the President of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), the President of the MASEN managing board, the Director General of the Deposit and Management Fund (CDG), the Director General of the Casablanca Finance City Authority and the Director General of Casablanca stock market.

During his speech, the Minister first recalled Morocco’s achievements over the years, namely in terms of strengthening the macroeconomic framework and the intensification of the financial sector, that enable our country to develop issues from the financial sector towards taking account of more complex issues such as the climate matters.

In addition, the Minister stressed the kingdom’s commitment, for a number of years, in a voluntary step of a sustained development and environment protection, despite its being a lower emitter of greenhouse gases. Morocco established this approach by taking firm commitments in terms of the Nationally Determined Contributions (NDCs)Within the framework of the Paris agreement.

Underlying that these commitments could not be realized without the adhesion and the joining efforts of all stakeholders, the Minister emphasized the Ministry of Economy and Finances’ commitment to the climate matters and presented the broad lines of the Ministry’s strategy to implement this commitment.

This strategy focuses mainly on actions in the field of public finances’ policies, namely the commitment of a more climate responsive budgeting as well as the consolidation and the strengthening of efforts in terms of the mobilization of concessional financing from donors.

The Ministry’s strategy includes also the setting up of a legal and encouraging framework for the development of funding solutions adjusted to “green” investment requirements and the fight against climate changes, through the diversification of the available range of funding tools, the development of “green” sections and the establishment of a stimulating framework devoted to the very small and medium-sized enterprises to finance their “adaptation” projects.​​

At the end of his speech, the Minister presented the main components of the road map for the climate financial sector which aim is to consolidate the voluntary commitments of the whole operators in the financial sector and called on stakeholders of the financial sector to quickly start its implementation.