FFaced with these challenges, ESG criteria are becoming increasingly important for corporate investment management. It was in this context that Crédit du Maroc organized a debate meeting on the topic “Green finance and ESG criteria: what are the challenges for the new sustainable business development model in Morocco?”
“In preparing this edition, we have taken a position in the register of awareness and collective awareness,” explains Karim Diouri, Member of the Board in charge of the development department of Crédit du Maroc, who explains that today the bank clearly has a strong determination to be a major and reference player in the green financing and energy financing.
In his speech, K. Dioury compiled an alarming list of climate and environmental risks at the global and national levels. These risks are now pushing governments, companies and economic actors in general to act and take urgent action.
“In Morocco, 80% of our electricity comes from fossil fuels and 65% from coal. We are already seeing the effects of climate change: seasons tend to disappear, oceans become more acidic, etc.,” says Dioury.
These figures, which chill the back, “challenge us and, above all, force us to act.” More than ever, it is necessary to organize to decarbonize our economy.
It is clear that this decarbonization will go through an energy deal that has now become a real strategic reality at the heart of the companies’ business. Sustainable investment should not be seen as a cost, but as a lever of efficiency.
Moreover, this decarbonization of the economy is no longer a luxury or an opportunity. As supporting evidence, the manager cites:
• States, governments and regulators are increasingly intervening in climate protection (like Greendeal in Europe). On the African continent, Morocco was a forerunner in the implementation of a national renewable energy strategy. According to Diouri, “we are witnessing the birth of a sector that offers real development potential for companies wishing to join this clean energy approach.”
• Regulations are gradually tightened from 2023 with the introduction of a carbon tax at the borders of Europe, which could adversely affect the competitiveness of our national companies.
• The inclusion of ESG criteria in publications is now mandatory for listed companies.
• Rating agencies are looking to build on their expertise by acquiring sustainability service companies (eg Vigeo, which was taken over by Moody’s).
• Investment funds are following this trend, giving preference to investing in companies that meet the ESG criteria.
Race results: “Tomorrow, the sustainability of companies will largely depend on the ability to integrate social and environmental responsibility into their daily management.”
After all, Crédit du Maroc’s top management says it is convinced that the performance of companies is closely related to their ability to base their business model on “utility” enterprises that meet the needs of stakeholders and build a more sustainable more fair and equitable society”.
At the same time, Crédit du Maroc, the benchmark player in this matter, intends to play its full role as a financial partner and advisor to the banker. It should be noted that the development of “green” finance has always been a desire embedded in the bank’s DNA.