With its new dedicated platform
Companies are increasingly aware of environmental, social and governance (ESG) issues. This fundamental trend at the global level is taking more and more shape in Morocco. “The Moroccan economic fabric is changing in this post-covid period. Companies must seize this opportunity to initiate and accelerate their transformation in a sustainable way. ESG criteria, beyond a vision of regulatory compliance and risk analysis, will enable companies to ensure better environmental, social and governance performance,” says Réda Loumany, Territory Managing Partner of PwC in Morocco.
And to specify: “Investments oriented towards Morocco and developing countries will go towards social and environmental projects and towards companies engaged in real ESG practices”. In this sense, PWC Morocco has launched an ESG platform aimed at supporting the new challenges of companies in the Maghreb and in particular in the Kingdom. “The ESG dimension is now fully integrated into our service offerings and business lines in order to enable companies to ensure the best environmental, social and governance performance, to comply with regulatory developments, particularly in terms of extra- and take advantage of green financing opportunities,” argues Assia Benhida, PwC Partner in Morocco, Market & ESG Leader Maghreb.
The company of tomorrow will no longer be evaluated solely on its financial performance but also on its social and environmental impact. With the adoption of the National Sustainable Development Strategy in 2017 and other multi-stakeholder initiatives, Morocco has embarked on the path of an open and competitive economy capable of generating sustainable and more equitable growth. However, these growth objectives cannot materialize without the implementation of an agenda taking into account environmental, social and governance (ESG) issues and the establishment of a regulatory framework conducive to its development.
“This framework is in its implementation phase in Morocco, in particular through the directives of Bank Al-Maghrib, with regard to financial establishments, the establishment of extra-financial reporting that meets the standards of the Moroccan Authority for capital market (AMMC), financing for decarbonization investments in order to cope with European regulatory developments, particularly with regard to exporting companies…”, notes PWC Morocco in a press release.
Furthermore, mainstreaming more sustainable practices will require more combined efforts from business, government and the financial sector to plan and drive long-term improvements. “It must start today for there to be the necessary impact and lasting results for Moroccan businesses and the economy,” reports the same source.
In a study entitled PWC’s “Global Investor ESG Survey” conducted in November 2021 among 325 investment professionals, it turns out that more and more investors are currently questioning the notion of positive and negative impact companies, insofar as this impact is combined with their long-term performance. “Nearly 80% of respondents consider ESG risks an important factor in their investment assessments, and almost half of investors (49%) surveyed say they are willing to sell their stake in companies that do not take enough of measures in favor of ESG issues,” explains PWC Morocco.