Dlasting 18 months, this support mission will help CAM to improve its methodology for assessing climate-related physical and transition risks, as well as to set up a reporting and publication system in line with best practices. international, indicates a communiqué joint of the CAM and the EIB.
This new support, continues the same source, is part of the partnership signed between the two institutions in September 2020, relating to financing of 200 million euros for the benefit of Moroccan companies in the sector of agriculture and the bioeconomy.
This launch also follows a workshop to exchange good practices that took place in 2021 which enabled EIB teams to share the Bank’s approach to climate change, the statement said.
The EIB Group plans, as part of its climate strategy, aligned with the Paris Agreements, to increase green financing to 50% in all Bank projects as well as to mobilize 1 billion for sustainability. climate and environment by 2030.
On this occasion, the EIB experts had detailed the new practices and regulations of the Bank in terms of disclosure and reporting of climate-related risks, such as the new EU taxonomy and the recommendations of the Task Force. of Climate/Related Financial Disclosures (TCFD).
This new support will strengthen the CAM’s capacity to better prepare for the risks associated with climate change and the evolution of national and international regulations, underlines the same source, which notes that it will be a question in particular of developing tools analysis of the CAM portfolio from a green finance perspective and to provide a process manual for a risk assessment and measurement system.
This work will thus make it possible to consolidate the CAM’s approach to green transition and to complete the panoply of existing systems, in particular the Environmental and Climate Risk Management System.
The new technical assistance will strongly contribute to the alignment of the CAM with the orientations of Bank Al Maghrib which published in March 2021 a directive on the management of financial risks linked to climate change so that banks integrate climate and environmental risks into their strategies. , their governance and decision-making.
“We are going through a crucial period to address climate change and take concrete action to build sustainable and low-carbon models. The financial sector is part of the solution”declared, to this effect, the representative of the EIB in Morocco, Anna Barone.
As such, she continued, the CAM plays a leading role and we are delighted to bring our expertise, as a Climate Bank, to support its efforts. Everyone benefits from better integrating climate risk, both financially and in terms of market opportunities. This support concretizes the Roadmap of the EIB Group in its role as Climate Bank for the Kingdom of Morocco.
For his part, the Chairman of the Board of CAM, Noureddine Boutayeb, quoted in the press release, noted that “Climate drift is already underway in Morocco, which is experiencing a historic drought this year. The agricultural sector is directly impacted by this scarcity of the water resource of which it is the main user.”
And to support: “As a leader in the financing of agriculture, strongly committed to sustainable development, it is our responsibility to best support our clients in adapting to climate change while strengthening the means of management and mitigation of this risk. The EIB, climate bank, has serious expertise on this subject and is therefore the ideal partner to continue and deepen the achievements of CAM in terms of green transition”.
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