SBFN Member Since:
2014
Member Organisations
Central Bank of Morocco
Moroccan Capital Market Authority (AMMC)
Progress Against sub Pillars
Framework Documents
| Country | Policies/ Principles/ Guidelines | Year | Issuer |
|---|---|---|---|
| Morocco | 2021 | Bank Al-Maghrib (BKAM, Central Bank of Morocco) | |
| Morocco | 2021 | Moroccan Capital Market Authority (AMMC) | |
| Morocco | 2018 | Moroccan Capital Market Authority (AMMC) | |
| Morocco | 2018 | Moroccan Capital Market Authority (AMMC) | |
| Morocco | 2017 | Moroccan Capital Market Authority (AMMC) | |
| Morocco | 2016 | Moroccan Capital Market Authority (AMMC). Bank Al-Maghrib (BKAM, Central Bank of Morocco) and others | |
| Morocco | 2016 | Moroccan Capital Market Authority (AMMC) | |
| Morocco | 2016 | Moroccan Banks Association (GPBM) |
Pillar 1 - ESG Integration - Strategic Alignment
National Framework
P 1.1 – Has the regulator or industry association published a national framework (“Framework”) for the banking sector that sets out expectations for integrating the consideration of environmental, social, and governance (ESG) risks and performance?
Yes
Source Reference Detail
–
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)
Source Reference Description
–
P 1.2 – Has the relevant regulator or industry association published a Framework for capital markets, investment, insurance or other non-lending FIs that sets out expectations for integrating the consideration of environmental, social, and governance (ESG) risks and performance?
Yes
Source Reference Detail
Banking sector, insurers and capital market
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)
Source Reference Description
Page 3, Point 5
Pillar 1 - ESG Integration - Strategic Alignment
Alignment with International Goals & Standards
P 1.3 – Does the Framework make reference to international sustainable development frameworks or goals?
Yes
Source Reference Detail
page 8 (§3) and 16 (III., §3) and Banks and Climate Charter (GPBM, 2016), page 12 and 13
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)Banks and Climate Charter (GPBM 2016)
Source Reference Description
(1) Page 8, Point 3 and 16 (III point 3)(2) Page 12 – 13
P 1.4 – Does the Framework make reference to established international ESG risk management standards and principles for FIs??
Yes
Source Reference Detail
–
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Point 4
Pillar 1 - ESG Integration - Strategic Alignment
Alignment with national goals & strategies
P 1.5 – Does the Framework make reference to specific national development objectives, plans, policies, goals, or targets?
Yes
Source Reference Detail
Based on comments by AMMC and BAM
Source Reference Document
–
Source Reference Description
–
P 1.6 – Does any cooperation exist between agencies or between the regulator and industry association with respect to policy design and/or implementation related to ESG integration?
Yes
Source Reference Detail
The Directive was established through a broad consultation process of banking institutions.
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)
Source Reference Description
Page 3, 12, 17
P 1.7 – Does any inter-agency data sharing currently exist related to ESG integration by FIs?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 1 - ESG Integration - Regulatory and Industry Association Actions
Overall Approach & Strategy
P 1.8 – Does the Framework provide guidance on the role of the regulator or industry association with regard to assessing and managing ESG risk and performance in the financial sector?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
P 1.9 – Has the regulator or industry association undertaken market assessment to identify systemic ESG risks through analysis of the portfolios of supervised entities/members and published the results?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 1 - ESG Integration - Regulatory and Industry Association Actions
Technical Guidance
P 1.10 – Does the Framework provide technical guidance or tools to support implementation of ESG risk and performance management by the financial sector?
Yes
Source Reference Detail
Draft Regulatory Directive provides guidance to the banking sector on the actions to be taken to manage climate change and environnmental related financial risks.The CSR and ESG guidelines published by the AMMC and the CSE are a comprehensive document, aimed at helping issuers develop ESG policies and management tools.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African ActivitiesCSR and ESG Reporting Guidelines
Source Reference Description
–
Pillar 1 - ESG Integration - Regulatory and Industry Association Actions
Supervisory Activities & incentives
P 1.11 – Is the implementation of the Framework regularly monitored and/or information regularly collected from FIs by the regulator and/or industry association?
Yes
Source Reference Detail
–
Source Reference Document
AMMC rulebook
Source Reference Description
Article 2.9 and annex 111.2M
P 1.12 – Does the regulator or industry association provide any financial or non-financial incentives for FIs to manage ESG performance as part of the Framework?
Yes
Source Reference Detail
The Regulatory Directive’s implementation provides a first regulatory incentive for banks to manage climate and environmental related-risks.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
P 1.13 – Does the regulator or industry association apply any disincentives/penalties for non-compliance by FIs in terms of expectations from the regulator and/or industry association related to ESG risk management as part of the Framework?
Yes
Source Reference Detail
The non compliance with the Regulatory Directive on climate and environmental related risks exposes banks to penalties under the banking law.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
Pillar 1 - ESG Integration - Regulatory and Industry Association Actions
Tracking & Aggregated Disclosure
P 1.14 – Has the regulator or industry association established a data collection approach and database to track or regularly publish data related to ESG integration by FIs as part of the Framework?
Yes
Source Reference Detail
Strategy and Governance
Source Reference Document
–
Source Reference Description
–
Pillar 1 - ESG Integration - Expectations of FI Actions
Strategy & Governance
P 1.15 – Does the Framework require/ask the FI’s board of directors (or highest governing body) to approve an ESRM and/or ESG integration strategy, and to supervise its implementation?
Yes
Source Reference Detail
Strategy and Governance
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 2, Article 4
Pillar 1 - ESG Integration - Expectations of FI Actions
Organizational Structure & Capacity Building
P 1.16 – Does the Framework require/ask FIs to allocate resources/budget commensurate with portfolio ESG risks and define roles and responsibilities for ESG integration within the organization?
Yes
Source Reference Detail
Strategy and Governance
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 2, Article 4
P 1.17 – Does the Framework require/ask FIs to develop and maintain the ESG expertise and capacity of staff commensurate with portfolio ESG risks through regular training and learning?
Yes
Source Reference Detail
Training and awareness raising
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 5, Aricel 16
P 1.18 – Does the Framework require/ask FIs to create incentives for managers to reduce the ESG risk-level of the portfolio over a specified timeframe?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 1 - ESG Integration - Expectations of FI Actions
Policies & Procedures
P 1.19 – Does the Framework require/ask FIs to develop policies and procedures to identify, classify, measure, monitor, and manage ESG risks and performance throughout the financing cycle at the client level and/or the transaction/project level?
Yes
Source Reference Detail
–
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
(1) Page 3 Step 3 Point 2 and first cross-sectoral measures(2) Page 3,4 Articles 9 – 11
P 1.20 – Does the Framework require/ask FIs to undertake a regular review and monitoring of ESG risk exposure at aggregate portfolio level?
Yes
Source Reference Detail
–
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 6 Article 11 and 12
P 1.21 – Does the Framework require/ask FIs to establish and maintain an external inquiry/complaints/grievance mechanism for interested and affected stakeholders in relation to ESG practices?
Yes
Source Reference Detail
Recommends the development of processes to gather feedback of all stakeholders
Source Reference Document
CSR and ESG Reporting Guidelines
Source Reference Description
Page 30 – 31
Pillar 1 - ESG Integration - Expectations of FI Actions
Tracking, Reporting & Disclosure
P 1.22 – Does the Framework require/ask FIs to report ESG risks and performance to the regulator or industry association?
Yes
Source Reference Detail
The Directive requires banks to report, regularly, to Bank Al-Maghrib on their exposures to climate and environmental risks and qualitative issues related to climate and environmental risks management. This reporting should be implemented after the issuance of the Directive with the support of the World Bank.ESG reports of issuers are rquired to be published yearly and sent to the AMMC.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African ActivitiesAMMC rulebook
Source Reference Description
(1) Page 6 Article 20 Reporting(2) Article 2.9 annexes III.2.M and III.2.V
P 1.23 – Does the Framework require/ask FIs to report on ESG integration publicly?
Yes
Source Reference Detail
Only on environmental and climate related financial risksESG reports of issuers are rquired to be published yearly and sent to the AMMC.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African ActivitiesAMMC rulebook
Source Reference Description
(1) Page 6 Article 19 Reporting(2) Article 2.9 annexes III.2.M and III.2.V
P 1.24 – Does the Framework require/ask FIs to track credit risk (e.g. loan defaults) and/or financial returns in relation to ESG risk level?
No
Source Reference Detail
Only on environmental and climate related financial risks : Risk management system of climate and environmental related financial risks
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 6 Article 10 and 11
Pillar 2 - Climate Risk Management - Strategic Alignment
National Framework
P 2.25 – Has the regulator or industry association published a national framework (“Framework”) for the banking sector that sets out expectations for integrating the consideration and management of climate risks and their impact in the national economy?
Yes
Source Reference Detail
Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
P 2.26 – Has the relevant regulator or industry association published a Framework for capital markets, investment, insurance or other non-lending FIs that sets out expectations for integrating the consideration and management of climate risks and their impact in the national economy?
No
Source Reference Detail
Morocco Capital Markets Authority (AMMC) Circular 03/2019 on ESG risk disclosure, referencing climate risk related standards including Carbon Disclosure Standards Board and Global Reporting Initiative. Circular is presently being updated to align with climate risk standards, including TCFD.
Source Reference Document
Circular 03/2019 on ESG risk disclosure, AMMC
Source Reference Description
Morocco Capital Markets Authority (AMMC) Circular 03/2019 on ESG risk disclosure, referencing climate risk related standards including Carbon Disclosure Standards Board and Global Reporting Initiative. Circular is presently being updated to align with climate risk standards, including TCFD.
Pillar 2 - Climate Risk Management - Strategic Alignment
Alignment with International Goals & Standards
P 2.27 – Does the Framework make reference to international agreements or frameworks to address climate?
Yes
Source Reference Detail
Morocco Capital Markets Authority (AMMC) Circular 03/2019 on ESG risk disclosure makes reference to SDGs
Source Reference Document
Circular 03/2019 on ESG risk disclosure, AMMC
Source Reference Description
Morocco Capital Markets Authority (AMMC) Circular 03/2019 on ESG risk disclosure makes reference to SDGs
P 2.28 – Does the Framework recognize or align with established regional or international good practice for climate risk management and disclosure by FIs?
No
Source Reference Detail
Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management. Paragraph 4 §4. TCFD and NGFS references. Page 5, Article 19 TCFD reference.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
Pillar 2 - Climate Risk Management - Strategic Alignment
Alignment with National Goals & Strategies
P 2.29 – Has the regulator or industry association aligned the Framework with national goals to address climate change in line with the country’s Nationally Determined Contributions (NDCs) to the Paris Agreement?
Yes
Source Reference Detail
The 2016 Roadmap for Aligning the Moroccan Financial Sector with Sustainable Development references the National Determined Contribution (NDC) in the “National Context” section of the Roadmap.
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)
Source Reference Description
–
P 2.30 – Does any cooperation exist between agencies, or between government and industry association, with respect to policy design or implementation related to climate risk management?
Yes
Source Reference Detail
The 2016 Roadmap for Aligning the Moroccan Financial Sector with Sustainable Development references regulatory-industry cooperation related to ESG and climate risk. BKAM coordinates through the Coordination and Systemic Risk Monitoring Committee for sustainable finance, ESG, and climate risk.
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)
Source Reference Description
–
P 2.31 – Does any inter-agency data sharing currently exist related to climate risk management by FIs?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 2 - Climate Risk Management - Regulatory and Industry Association Actions
Overall Approach & Strategy
P 2.32 – Has the regulator or industry association undertaken research on historical impacts to the economy and financial sector from climate change, and/or future expected impacts resulting from physical and transition climate risks?
No
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
P 2.33 -Does the Framework identify key sources of GHG emissions – such as in particular sectors – as priorities in the proactive management of climate risks by the financial sector?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
P 2.34 – Does the Framework incorporate the conservation/restoration of natural carbon sinks (such as oceans, forests, mangroves, grasslands, and soils) as an important part of reducing climate change risks? (e.g., through guidelines, scenario analysis, targets, or incentives for FIs)
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
P 2.35 – Has the regulator or industry association developed an internal strategy to address climate risk, and/or embedded climate risk management into its governance, organizational structures, and budget as part of the Framework?
Yes
Source Reference Detail
BKAM coordinates through the Coordination and Systemic Risk Monitoring Committee for sustainable finance, ESG, and climate risk.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
P 2.36 – Has the regulator or industry association undertaken any activities to expand and deepen analytical understanding of national and/or cross-border physical and transition climate risks, and to raise awareness as to how these risks may transmit to, and impact, the financial sector?
No
Source Reference Detail
BKAM has initiated a climate-related risks assessment exercise should enable to identify key transmission channels of both physical and transition risks to banks and financial sector with the participation of relevant national authorities and the support of the World Bank, and coordination with the banking sector. BKAM coordinates through the Coordination and Systemic Risk Monitoring Committee for sustainable finance, ESG, and climate risk.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
Pillar 2 - Climate Risk Management - Regulatory and Industry Association Actions
Technical Guidance
P 2.37 – Has the regulator or industry association developed risk assessment approaches, methodologies, or tools to understand and assess the financial sector’s exposure to climate risk as part of the Framework?
No
Source Reference Detail
BKAM has initiated a climate-related risks assessment exercise should enable to identify key transmission channels of both physical and transition risks to banks and financial sector with the participation of relevant national authorities and the support of the World Bank, and coordination with the banking sector. This study will form the basis of future techncial guidance. BKAM coordinates through the Coordination and Systemic Risk Monitoring Committee for sustainable finance, ESG, and climate risk.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
Pillar 2 - Climate Risk Management - Regulatory and Industry Association Actions
Supervisory Activities & Incentives
P 2.38 – As part of the Framework, has the regulator clarified supervisory expectations with regard to climate risk management by FIs, including consideration of international good practices?
No
Source Reference Detail
Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management represent supervisory expectations for the management of climate risks.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
P 2.39 – Has the regulator started to explicitly embed climate-related risk in supervisory activities and review processes as part of the Framework?
No
Source Reference Detail
Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management represent supervisory expectations for the management of climate risks. The launch of the Regulation in 2021 coincides with the establishment of supervisory process within BKAM. KAM coordinates through the Coordination and Systemic Risk Monitoring Committee for sustainable finance, ESG, and climate risk.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
P 2.40 – Has the regulator started to explicitly embed climate-related risk in supervisory activities and review processes as part of the Framework?
Yes
Source Reference Detail
Includes Reporting requirements under Articles 18 and 19 of the Regulation, and the Regulation is in force as of 2021.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Articles 18 – 19
P 2.41 – Has the regulator started to explicitly embed climate-related risk in supervisory activities and review processes as part of the Framework?
No
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 2 - Climate Risk Management - Regulatory and Industry Association Actions
Tracking & Aggregated Disclosure
P 2.42 – Does the regulator or industry association regularly collect and/or report market-level and/or FI-level data on climate-related financial sector risks as part of the Framework?
Yes
Source Reference Detail
Morocco Capital Markets Authority (AMMC) Circular 03/2019 on ESG risk disclosure, referencing climate risk related standards including Carbon Disclosure Standards Board and Global Reporting Initiative. AMMC collects data through the Circular’s reporting requirements. Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management includes Reporting requirements under Articles 18 and 19 of the Regulation, and the Regulation is in force as of 2021 and will include public and regulatory reporting on climate risk.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Pillar 2 - Climate Risk Management - Expectations of FI Actions
Strategy & Governance
P 2.43 – Does the Framework require/ask FIs to establish a strategy for climate risk management with responsibility at the board of director level (or highest governing body)?
Yes
Source Reference Detail
Strategy and Governance
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 2 Articles 4 – 8
Pillar 2 - Climate Risk Management - Expectations of FI Actions
Organizational Structure & Capacity Building
P 2.44 – Does the Framework require/ask FIs to define the roles and responsibilities and related capacities of the FI’s senior management and operational staff in identifying, assessing, and managing climate-related financial risks and opportunities?
Yes
Source Reference Detail
Strategy and Governance
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 3 Articles 4 – 8Page 5 Article 16
Pillar 2 - Climate Risk Management - Expectations of FI Actions
Policies & Procedures
P 2.45 – Does the Framework require/ask FIs to expand existing risk management processes to identify, measure, monitor, and manage/mitigate financial risks from climate change?
Yes
Source Reference Detail
Risk management for climate and environmental risks
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 4 – 5 Article 9 – 15
Pillar 2 - Climate Risk Management - Regulatory and Industry Association Actions
Tracking, reporting & disclosure
P 2.46 – Does the Framework require/ask FIs to report on their overall approaches to climate risk management in line with international good practices (e.g., TCFD), or establish a timeline by which FIs should begin to align their reporting with such practices?
Yes
Source Reference Detail
Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management, Articles 18 and 19 (Page 6) “Reporting”.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management, Articles 18 and 19 (Page 6) “Reporting”.
P 2.47 – Does the Framework require/ask FIs to identify, measure, and report on exposure to sectors which are vulnerable to transition risk and physical risk?
No
Source Reference Detail
Regulatory Directive (BKAM 2021) on climate change and environmental related financial risks management, Articles 9 to 15 (Pags 4-5).”Risk management for climate and environmental risks”
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
P 2.48 – Does the Framework require/ask FIs to adopt and report on performance targets to reduce portfolio greenhouse gas (GHG) emissions on a regular basis?
Yes
Source Reference Detail
Qualitative and quantitative reporting on exposures and targets.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 6 Articles 18 and 19 Reporting
P 2.49 – Does the Framework require/ask FIs to adopt and report on performance targets to reduce exposure to climate change risks at the portfolio level on a regular basis?
No
Source Reference Detail
Qualitative and quantitative reporting on exposures and targets.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 6 Articles 18 and 19 Reporting
Pillar 3 - Financing Sustainability - Strategic Alignment
National Framework
P 3.50 – Has the regulator or industry association published a national framework (“Framework”) for the banking sector that sets out expectations for integrating the consideration of instruments, goals, and standards for financing sustainability, including requirements for ensuring credibility and managing and measuring resulting impacts in the national economy?
Yes
Source Reference Detail
–
Source Reference Document
Roadmap for Aligning the Financial Sector with Sustainable Development, BKAM, 2016
Source Reference Description
Page 13
P 3.51 – Has the relevant regulator or industry association published a Framework for capital markets, investment, insurance or other non-lending FIs that sets out expectations for integrating the consideration of instruments, goals, and standards for financing sustainability, including requirements for ensuring credibility and managing and measuring resulting impacts in the national economy
Yes
Source Reference Detail
–
Source Reference Document
Green, Social and Sustainability Bonds Guidelines, AMMC, 2018Amended Listing Rules, AMMC, 2018
Source Reference Description
–
Pillar 3 - Financing Sustainability - Strategic Alignment
Alignment with International Goals & Standards
P 3.52 – Has the regulator or industry association developed a strategy, regulations, or set of frameworks for stimulating the allocation of capital to sustainable assets, projects, and related sectors in line with global goals, such as the Sustainable Development Goals (SDGs)?
Yes
Source Reference Detail
–
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African ActivitiesGreen, Social and Sustainability Bonds Guidelines, AMMC, 2018
Source Reference Description
–
P 3.53 – Does the Framework recognize and/or align with existing standards, voluntary principles, or market good practices related to sustainable finance instruments?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 3 - Financing Sustainability - Regulatory and Industry Association Actions
Alignment with national goals & strategies
P 3.54 – Does the Framework enable the achievement of stated national objectives by guiding capital to sectors, assets, and projects that have environmental and social benefits in line with national sustainable development priorities, strategies, targets, and the size of sustainable investment needs, and taking into account the local barriers to scaling-up sustainable finance?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
P 3.55 – Does the Framework enable the achievement of stated national objectives by guiding capital to sectors, assets, and projects that have environmental and social benefits in line with national sustainable development priorities, strategies, targets, and the size of sustainable investment needs, and taking into account the local barriers to scaling-up sustainable finance?
Yes
Source Reference Detail
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016), page 3, 12, 17 & the AMMC guidelines were submitted to public consultation
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)
Source Reference Description
Page 3, 12, 17
P 3.56 – Does any inter-agency data sharing currently exist related to stimulating and monitoring sustainable finance flows?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 3 - Financing Sustainability - Strategic Alignment
Overall Approach & Strategy
P 3.57 – Does the Framework require/ask the regulator or industry association to establish mechanisms to identify and encourage the allocation of capital to sustainable sectors, assets, and projects?
Yes
Source Reference Detail
–
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)
Source Reference Description
Page 15 Point 4
Pillar 3 - Financing Sustainability - Regulatory and Industry Association Actions
Technical Guidance
P 3.58 – Does the Framework require/ask the regulator or industry association to establish mechanisms to identify and encourage the allocation of capital to sustainable sectors, assets, and projects?
Yes
Source Reference Detail
–
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)Banks and Climate Charter (GPBM 2016)Green, Social and Sustainability Bonds Guidelines, AMMC, 2018
Source Reference Description
(1) Page 14(2) Page 7 – 9(3) Page 9
P 3.59 – Does the Framework provide guidelines for extending green, social or sustainability-focused loans (excluding bonds)?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
P 3.60 – Does the Framework provide guidelines for issuance of green, social or sustainability bonds?
Yes
Source Reference Detail
–
Source Reference Document
Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM 2016)Green, Social and Sustainability Bonds Guidelines, AMMC, 2018
Source Reference Description
(1) Page 15 Point 6
P 3.61 – Does the Framework require/ask for external party verification to ensure the credibility of sustainability instruments?
Yes
Source Reference Detail
–
Source Reference Document
Green, Social and Sustainability Bonds Guidelines, AMMC, 2018Banks and Climate CharterAmended Listing Rules, AMMC, 2018
Source Reference Description
(1) Page 7 Point 5(2) Page 19 Independent Review(3) Page 52 V.6
Pillar 3 - Financing Sustainability - Regulatory and Industry Association Actions -
Supervisory activities & incentives
P 3.62 – Does the regulator or industry association monitor information reported by FIs related to green/social/sustainability investment, lending, and other instruments to prevent greenwashing and social-washing?
Yes
Source Reference Detail
Bank Al-Maghrib has occasionally collected information from banks about green products they offer to customers. The Central bank intends to set up a formal reporting to capture and monitor information on green financing.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
P 3.63 – Are there any financial or non-financial incentives for FIs to develop and grow green, social, or sustainability finance instruments?
Yes
Source Reference Detail
The regulatory Directive of Bank Al-Maghrib calls banks to develop green financing.
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
–
Pillar 3 - Financing Sustainability - Regulatory and Industry Association Actions -
Tracking & Aggregated Disclosure
P 3.64 – Does the regulator or industry association collect and/or publish data from FIs or other sources about allocation of capital to green/social/sustainability assets, projects, or sectors?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
Pillar 3 - Financing Sustainability - Expectations of FI Actions
Strategy & Governance
P 3.65 – Does the Framework require/ask FIs to establish a strategy, governance, or high-level targets, including at the Board of Directors level, for capital allocation to sustainable assets, projects, or sectors?
Yes
Source Reference Detail
Strategy and Governance
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 3 Article 4
Pillar 3 - Financing Sustainability - Expectations of FI Actions
Organizational Structure & Capacity Building
P 3.66 – Does the Framework require/ask FIs to define internal staff roles and responsibilities to encourage finance flows to green, social, and/or sustainability-focused investments?
Yes
Source Reference Detail
–
Source Reference Document
–
Source Reference Description
–
P 3.67 – Does the Framework require/ask FIs to develop and maintain internal staff capacity on green, social, or sustainability products through regular training and learning?
Yes
Source Reference Detail
Training and awareness raising
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 5 Article 16
Pillar 3 - Financing Sustainability - Expectations of FI Actions
Policies & Procedures
P 3.68 – Does the Framework require/ask FIs to put in place policies and procedures for defining, issuing, managing proceeds, tracking performance, and reporting on green, social or sustainability-focused products?
Yes
Source Reference Detail
Climate and environmental related risks management system
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 4 Article 9
P 3.69 – Does the Framework require/ask FIs to appoint an independent external reviewer to confirm that the FI’s internal framework meets the requirements of the recognized national framework and regulations, or aligns to international standards?
No
Source Reference Detail
–
Source Reference Document
Amended Listing Rules, AMMC, 2018
Source Reference Description
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P 3.70 – Does the Framework require/ask that FIs create incentives for managers to increase sustainable loans or investments in the portfolio?
Yes
Source Reference Detail
Source Reference Document
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Source Reference Description
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Pillar 3 - Financing Sustainability - Expectations of FI Actions
Tracking, reporting & disclosure
P 3.71 – Does the Framework require/ask FIs to publish annual updates on the performance and impacts of the sustainability instruments in compliance with relevant national and/or international standards?
Yes
Source Reference Detail
Reporting
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
Page 4 Article 19
P 3.72 – Does the Framework require/ask FIs to obtain and disclose independent review of metrics reported annually in relation to the social and environmental outcomes and impacts achieved through the sustainability instruments?
Yes
Source Reference Detail
Issuers are require to disclose the impacts of their sustainable instruments, and to compare them to expected outcomes at the issuance, green bond policies. See Green Bond Guidelines
Source Reference Document
Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
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P 3.73 – Does the Framework require/ask FIs to obtain and disclose independent review of metrics reported annually in relation to the social and environmental outcomes and impacts achieved through the sustainability instruments?
Yes
Source Reference Detail
Periodic Information
Source Reference Document
Green, Social and Sustainability Bonds Guidelines, AMMC, 2018Amended Listing Rules, AMMC, 2018Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
(1) Page 15 Point 2(2) Page 74 – 75
P 3.74 – Does the Framework require/ask FIs to report to the regulator(s) or industry association(s) on green, social, and/or sustainability bonds or other positive impact investments?
No
Source Reference Detail
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Source Reference Document
Green, Social and Sustainability Bonds Guidelines, AMMC, 2018Amended Listing Rules, AMMC, 2018Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
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P 3.75 – Does the Framework require/ask FIs to report publicly on their green, social and sustainability-focused finance activities and positive outcomes or impacts (i.e. not only to the regulator or shareholders)?
Yes
Source Reference Detail
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Source Reference Document
Green, Social and Sustainability Bonds Guidelines, AMMC, 2018Amended Listing Rules, AMMC, 2018Draft Regulatory Directive Calling on Banks to Address Climate and Environmental Financial Risk in African Activities
Source Reference Description
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