Dn a context marked by an unprecedented energy crisis and a questioning of our energy sovereignty, the issue of the energy transition of companies is acute. Faced with these challenges, ESG criteria are becoming increasingly important in guiding corporate investments. It is in this context that Crédit du Maroc organized a meeting-debate under the theme “Green finance and ESG criteria: what are the challenges for a new model of sustainable business development in Morocco? “.
“In preparing this edition, we have taken the position of positioning ourselves on the register of awareness and collective awareness”, explains Karim Diouri, member of the Executive Board in charge of the development division of Crédit du Maroc. He explains that the bank now clearly has a firm determination to be an important and benchmark player in green finance and energy financing. In his presentation, K. Diouri drew up an alarming inventory of climate and environmental risks at global and national levels. These risks are now pushing governments, companies and economic players in general to act and take the measure of urgency.
“In Morocco, 80% of our electrical energy comes from fossil fuels and 65% comes from coal. We are already seeing the effects of climate change: seasons that tend to disappear, oceans that are gaining in acidity, etc.,” says Diouri. These figures, which send shivers down our spine, “challenge us and above all compel us to act”. It is therefore more necessary than ever to organize ourselves to decarbonize our economy. This decarbonization will go through an energy transition that has now become a real strategic reality at the heart of business for companies. Sustainable investments should not be considered as a cost, but rather as a performance lever. Moreover, this decarbonization of the economy is no longer a luxury or an option. Supporting evidence, the manager cites: • States, governments and regulatory bodies have increasingly intervened in favor of the climate (like Greendeal in Europe). On the African continent, Morocco has been a precursor with the implementation of a national strategy around renewable energies. For Diouri, “we are witnessing the emergence of a beginning of the sector which offers real development potential for companies wishing to enroll in this clean energy approach”. • The regulations are gradually tightening from 2023, with the implementation of a carbon tax at the borders of Europe which could negatively impact the competitiveness of our national companies. • The integration of ESG criteria in publications is now an obligation for listed companies. • Rating agencies seek to develop their expertise by acquiring service companies specializing in sustainable development (like Vigeo, which was taken over by Moody’s). • Investment funds are embracing this fund trend by favoring holdings in companies that meet ESG criteria. Race results: “Tomorrow, the sustainability of companies will largely depend on the ability to integrate social and environmental responsibility into its daily management”. In the end, the top management of Crédit du Maroc says it is convinced that the performance of companies is intimately linked to its ability to base its business model around ‘utility’ businesses that meet the needs of stakeholders and allow the construction of a more sustainable, just and equitable society. In this, Crédit du Maroc, a benchmark player on the subject, intends to fully play its role as financial partner and banker adviser. It should be noted that the development of green finance has always been a desire rooted in the bank’s DNA.