With the support of the EIB: Crédit Agricole du Maroc assesses climate risks

With the support of the EIB: Crédit Agricole du Maroc assesses climate risks

The European Investment Bank (EIB) and Crédit Agricole du Maroc (CAM) have just announced, on Monday 12 September, the launch of technical assistance relating to the integration of climate risks into CAM’s policy.

It is also about identifying climate financing opportunities, reports a press release from the two parties. This mission, which will last 18 months, will help CAM to improve its methodology for assessing physical and transition risks related to climate, as well as to set up a reporting and publication system in line with best practices. international. “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. In this respect, the CAM plays a leading role and we are delighted to bring our expertise, as a Climate Bank, to support its efforts,” says Anna Barone, EIB representative in Morocco. And to add: “Everyone benefits from better integrating climate risk, both financially and in terms of market opportunities. This support materializes the roadmap of the EIB Group in its role as Climate Bank for the Kingdom of Morocco”.

For his part, the Chairman of the Management Board of Crédit Agricole du Maroc, Noureddine Boutayeb, explains: “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. As a leader in agricultural financing, 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 the CAM in terms of green transition”. It must be said that this new support 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 bio. -economy. In the same vein, this launch follows a workshop for the exchange of good practices which took place in 2021 and which enabled EIB teams to share the Bank’s approach to climate change in this area.

Indeed, the EIB Group plans, as part of its climate strategy, to increase green financing to 50% in all the bank’s projects as well as to mobilize 1 billion for climate and environmental sustainability by 2030. Moreover, the EIB experts had detailed the bank’s new practices and regulations regarding the 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 support will strengthen CAM’s ability to better prepare for the risks associated with climate change and changes in national and international regulations. This will include developing tools for analyzing the CAM’s portfolio from a green finance perspective and providing a process manual for a risk assessment and measurement system”, notes the same press release, specifying that 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 system for managing environmental and climate risks. Finally, this new technical assistance will strengthen the alignment of the CAM with the guidelines of Bank Al-Maghrib, which published in March 2021 a directive on the management of financial risks related to climate change.

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