ФFaced with these challenges, ESG criteria are becoming increasingly important in guiding corporate investment. It is in this context that Crédit du Maroc organized a meeting-debate on “Green finance and ESG criteria: what are the challenges for the new model of sustainable business development in Morocco?”
“During the preparation of this publication, we took a position on positioning in the register of awareness and collective consciousness,” said Karim Diuri, Member of the Board in charge of Crédit du Maroc’s Development Department. in green financing and energy financing.
In his report, C. Diuri compiled an alarming list of climate and environmental risks at the global and national levels. These risks are now forcing governments, companies and economic players 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 that tend to disappear, oceans that are gaining acidity, and so on, ”says Diuri.
These figures, which make our backs cold, “challenge us and, above all, force us to act.” More than ever, we need to organize ourselves to decarbonise our economy.
It is clear that this decarbonisation will take place through an energy transaction that has now become a real strategic reality at the heart of companies’ business. Stable investment should not be seen as a cost, but as a lever of efficiency.
Moreover, this decarbonisation of the economy is no longer a luxury or an opportunity. The manager cites supporting evidence:
• States, governments and regulators are increasingly intervening in favor of climate (eg Greendeal in Europe). On the African continent, Morocco was a precursor to the implementation of a national strategy for renewable energy. For Diuri, “we are witnessing the emergence of a sector that offers real development potential for companies that want to apply this approach to clean energy.”
• From 2023, the rules will be gradually strengthened with the introduction of a carbon tax on Europe’s borders, which could negatively affect the competitiveness of our national companies.
• Integrating ESG criteria into a publication is now a must for listed companies.
• Rating agencies seek to build on their experience by acquiring sustainable development service companies (such as Vigeo, which moved to Moody’s).
• Investment funds use this trend for funds, preferring holdings of companies that meet the ESG criteria.
The results of the race: “Tomorrow, the sustainability of companies will largely depend on the ability to integrate social and environmental responsibility into their day-to-day management.”
Finally, Crédit du Maroc’s top management says he is convinced that the company’s performance is closely linked to its ability to base its business model on “utilities” that meet the needs of stakeholders and build more sustainable, equitable and equitable society”.
In this, Crédit du Maroc, a key 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 rooted in the DNA of the bank.