Credit from Morocco. Tomorrow will be green!

A real energy transition is needed.

A real energy transition is needed.

The Crédit du Maroc organized the first edition of its debate meetings on Wednesday, 15 June. The aim was, in particular, to raise awareness of the importance of environmental, social and management criteria (ESG) for building a sustainable future. “We have decided to be more involved in awareness raising and collective awareness,” said Crédit du Maroc, Member of the Board for Development. Karim Diuri adds that it is time to take climate and environmental risks seriously. “Economic entities, banks and companies must work hand in hand with the actors of the ecological ecosystem, work to reduce climate risk and protect the environment,” he recommends.

The conclusions are very alarming. Today, climatologists from the Global Carbon Project estimate that more than 43 gigatonnes of CO2 are emitted each year, and if nothing is done, that figure could double by 2050. By 2050, the world’s population will be at risk of water scarcity. In Morocco, 80% of electricity comes from fossil fuels, 67% of which comes from coal. “These figures are challenging and forcing us to act,” warns Diuri, adding that the time has come to organize more than ever to decarbonise our economy, and this will inevitably involve a real energy transition. “Green investments should not be seen as costs, but as real levers of efficiency,” he said.

Today, the public and private sectors are aware of this problem. Protecting the planet is becoming a priority, hence the decision of the European Commission to take new measures to make the European economy carbon neutral by 2050. In Africa, Morocco was a forerunner in creating a genuine national strategy for renewable energy. Progress has been made in this direction. We still need to accelerate and redirect capital to sustainable investment. Moreover, Diuri remains confident that the company’s stability will depend on tomorrow and its ability to integrate CSR into its day-to-day management in the future. ” he also adds that for Crédit du Maroc, the company’s stable performance will now be closely linked to its ability to base its business model on a utility that goes beyond business.

Regarding the banking group’s ambitions in this niche, Diuri assures that Crédit Maroc intends to become a key player in financing the energy transition by integrating this desire into its TAJDID 2022 strategic plan.

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To achieve this, partnerships have been established with local and international players, including the EBRD, which has provided the bank with a € 25 million financial line under the Morocco Green Climate Fund to promote and support green finance in Morocco by private individuals. This new line enables companies to receive free technical assistance and a subsidy of up to 15% of their investment projects through Crédit du Maroc. “Developing green finances is a desire that is ingrained in our DNA, and the transition to a greener economy is one of our priorities,” Diuri said.

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