BMCI plays a role

L.Green finances are experiencing real development in Morocco, even if it must be acknowledged that there is still significant room for improvement compared to what is being done in this area on the Old Continent. The EU wants to achieve carbon neutrality by 2050.

Obviously, achieving this goal requires a strong commitment from European banks, which are aware of their key role in financing the energy transition. This makes more sense for the first issue of the Sustainable Finance Forum, organized by BMCI, a subsidiary of the French group BNP Paribas. The event, held in the administrative capital, allowed several French and Moroccan languages ​​to mention Morocco’s commitment to climate, as evidenced by several flagship projects in the field of renewable energy, and to explain the financial sector’s bias towards sustainability. , social and governance criteria (ESG).

Philippe Dumel, Chairman of the BMCI Board, who reminded of Morocco’s potential (9th sunniest country in the world and 31st in terms of wind energy production potential) in the field of clean energy production, said that BMCI will play its full role in accelerating energy transition on a national scale. The bank ranked 2nd in Moody’s ESG, reserved for companies that most respect ESG criteria in developing countries. This coronation is hardly a coincidence, as BMCI is part of the BNP Paribas group. The French bank has included sustainability in its strategic plan.

The banking institution claims 25% of the project financing in the renewable energy sector. According to Francois Benaroy, Deputy Head of International Retail Banking and Head of Mediterranean Europe at BNP Paribas, the French group has made immediate and concrete commitments. And this is part of its Strategic Plan until 2025. Specifically, in about 3 years, the first bank in the EU, which is also part of the Net Zero Banking Alliance, will have to provide, among other things, 150 billion euros in stable bank loans and a total of 250 billion euros in stable bonds. The strong commitment of the French establishment to climate change is reflected in its Moroccan subsidiary

Specific actions

BMCI is determined to support its customers on the path to an energy transition that is no longer a luxury but a necessity. And this is due to the escalation of global warming and rising prices for fossil fuels on the world market. “Many technological advances and investments have helped increase the competitiveness of renewable energy sources (ENR) in our country. Today in Morocco, the return on investment in the energy transition is lower.says Saeed Moulin, Director General of the Moroccan Energy Efficiency Agency (AMEE).

It is also important to remember that Morocco’s growing commitment to the green economy in Morocco is reflected, inter alia, in its partnership with the EBRD, which is key to obtaining a second line of € 25 million funding through Morocco’s GEFF funding program. The latter is dedicated to energy efficiency, renewable energy sources, management of resources such as water and waste. In the same vein, the banking institution, which relies on training its human capital to address ESG criteria, promotes women’s entrepreneurship in Morocco through financing, financial integration and start-up development. .

In addition to the specific actions of the BMCI on the ESG, it should be recognized that the implementation of the Directive on Financial Management of Climate Change and the Environment, adopted by Bank Al-Maghrib in March 2021, remains market-based. challenge. Hence the expediency of signing in May 2022 a memorandum of understanding between Bank Al-Maghrib, the EBRD and the Professional Association of Moroccan Banks (GPBM) to support banks in implementing the above directive.