The outline of the activities of the Minister of Economy and Finance at the COP22 in Marrakech : 18/11/2016

The outline of the activities of the Minister of Economy and Finance at the COP22 in Marrakech

Mr. Mohammed BOUSSAID, Minister of Economy and Finance, undertook a range of activities during the COP22 which took place, November 7th to 18th 2016 in the Kingdom of Morocco in the city of Marrakech.

The Minister headed November 13th 2016 a panel organized jointly by the World Climate Summit 2016 and the Delegate Ministry in charge of environment. The American great Artist AKON took part in this panel.

Moreover, the Minister headed November 14th 2016, together with Mr. Abdellatif JOUAHRI, Wali of Bank Al Maghrib and Mr. Nizar BARAKA, President of the scientific committee of the COP22, a press conference on the climate finance roadmap.

A number of Moroccan senior officials attended this press conference : the President of the (Autorité Marocaine du Marché des Capitaux) “the Moroccan Capital Market Authority”, the President of the (Autorité de Contrôle des Assurances et de la Prévoyance Sociale) “Supervisory Authority of Insurance and Social Welfare”, the President of the ( Groupement Professionnel des Banques du Maroc) “the Professional Grouping of Moroccan Banks”, the President of the (Fédération Marocaine des Sociétés d’Assurances et de Réassurance) “the Moroccan Federation of Insurance and Reinsurance Companies”, ,the Director General of the Casablanca Finances City, the Director General of the Casablanca stock exchange and the Director General of the ( Caisse de Dépôt et de Gestion) “Deposit and Management Fund” as well as other operators in the financial sector, the President of the (CGEM ) “the General Confederation of Moroccan Companies”,the president of the MASEN “'Moroccan Agency for Solar Energy”.

The roadmap for matching the Moroccan financial sector to sustainable development, aims at the rise of green finance at the regional and continental levels and the positioning of the Casablanca Finance City as a climate finance hub.

This roadmap is entitled to be periodically reviewed and adjusted to accompany the market dynamic. It gives details on actions and processes to implement for a progressive and coordinated alignment of the Moroccan Financial sector, including banks, insurance and capital markets activities with sustainable development challenges.

In addition, the Minister took part November 16th 2016 in a side event organized in the sideline of the COP22 by the Ministry of Economy and Finance and the World Bank, on “the role of the Finance Ministries in the implementation of climate-sensitive investment policies. During this meeting, in which a number of Finance Ministers from many countries, including Burkina Faso, Japan, France, Germany, Sweden, Nigeria, Rwanda and Liberia participated.

Mr. BOUSSAID asserted that finance ministries should adopt “incentive” tax policies to further direct investors’ decisions towards green projects in environmentally friendly sectors. He also noted that finance ministries throughout the world play a dynamic role in public policies, particularly those related to fiscal policy and recalled to review the compensation system, namely for fossil fuels, to encourage public policies to take account of the environment dimension when deciding on projects to be implemented.

Mr. BOUSSAID also stressed that finance ministries must initiate discussions with the various departments on climate responsive budgeting to assess the efforts made on behalf of the planet. The Minister attended many other conferences and panels whose actions focused on various issues:

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