SBFN Member Since:
2014
Member Organisations
Central Bank of Morocco
Moroccan Capital Market Authority (AMMC)
Progress Against Pillars and Sub Pillars
This graphic can also be found within this country’s 2019 Country Progress Report.
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) |
Strategic Development - Alignment with global E&S standards and best market practices
S1.1 – Does the framework make reference to international E&S targets (SDGs, Paris Agreement, Global Compact)?
Yes
(1) – page 8 (§3) and 16 (III., §3)(3) – page 12 & 13(2) – Annex 1
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016) | Banks and Climate Charter (GPBM, 2016)
S1.2 – Does the framework make reference to established international E&S risk management standards (IFC PSs, EPs)?
Yes
(5) – 3. “Principes de l’Equateur” p11
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Amended Listed Rules – draft (AMMC, 2018)
S1.3 – Does the framework make reference to established international sustainability reporting standards (GRI, SASB)?
No
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S1.4 – Does the framework make reference to established international climate finance reporting standards (TCFD)?
No
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S1.5 – Does the framework ask to make E&S policies, practices and results externally verified (assurance, independent review)?
No
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Strategic Development - Multi-stakeholder collaboration
S2.1 – Does the framework involve interagency collaboration between financial supervisors/regulators, industry association, and FIs?
Yes
S2.2 – Does this collaboration also include other public agencies (e.g., environmental agencies, ministries)?
Yes
(1) – page 3
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
S2.3 – Does this collaboration also include representatives of civil society (e.g., NGOs, associations, media)?
Yes
AMMC guidelines were submitted to public consultation
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Strategic Development - Alignment to NDCs and with National or Regional Climate Change Targets
S3.1 – Is the framework aligned with national NDCs or other national and regional policies on climate?
Yes
(1) – page 11, §7(2) – page 16 (3.)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016) | Green Bonds Guidelines (AMMC, 2016)
S3.2 – Has the SBN member identified the main climate risks (transition/physical) for their local financial sector?
No
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ESG Integration - Governance of E&S
Role of Governing Bodies on E & S
E1.1 – Does the country policy require one of the FI’s governing bodies (e.g., Board of Directors, Executive Committee, Supervisory Board, etc.) to approve an E&S strategy?
No
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E1.2 – Does the policy require management to report on E&S strategy implementation to the governing bodies?
No
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E1.3 – Does the policy require FI operational bodies to report to the governing bodies (or specific Board committee) on implementation of the E&S strategy?
No
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Organization
E1.4 – Does the framework ask FIs to define E&S roles and responsibilities?
No
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E1.5 – Does the framework highlight the E&S roles of front office staff and second lines of defense (e.g. risk officers and/or compliance officers)?
No
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E1.6 – Does the framework ask FIs to define E&S competencies for each role?
No
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E&S Risk Management
E&S Policy
E2.1 – Does the framework ask FIs to formalize an E&S or ESG policy?
Yes
(1) – page 13 (Step 3, §2 and 1st cross-sectoral measures)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
E2.2 – Does the framework encourage FIs to go beyond E&S requirements of local laws and regulations?
Yes
(2) – page 7 (2., §2)(5) 5. Engagement 1 page10
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Green Bonds Guidelines (AMMC, 2016) | Amended Listed Rules – draft (AMMC, 2018)
E2.3 – Does the framework ask FIs to set E&S objectives and targets?
No
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E2.4 -Does the framework ask FIs to publicly disclose their E&S policy and its governance?
Yes
(1) – page 7 (Axis 5, Banking Sector)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
Risk Assessment
E2.5 – Does the framework require FIs to carry out appropriate E&S due diligence at transaction level?
Yes
(1) – page 12 (I., §4 “Step 1”) & 13 (Banking Sector, §1)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
E2.6 – Does the framework require FIs to carry out appropriate E&S due diligence at client level?
No
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E2.7 – Does the framework encourage FIs to categorize projects/clients according to their level of E&S risk?
Yes
(1) – page 12 (I., §4 “Step 1”) & 13 (Banking Sector, §1 & 2)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
E2.8 – For high-risk transactions, does the framework encourage site visits to be organized?
No
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E2.9 – In case of negative E&S impacts, does the framework invite FIs to engage with clients to implement mitigation measures?
No
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E&S Covenants
E2.10 – Does the framework ask FIs to incorporate E&S covenants and investment conditions into legal agreements with clients?
Yes
(1) – page 12 (I., §2)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
Project Supervision & Portfolio Review
E2.11 – Does the framework ask FIs to develop processes to manage E&S risks during supervision?
No
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E2.12 – Does the framework encourage a periodic review of E&S risks at aggregate portfolio level?
No
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Training
E2.13 – Does the framework ask FIs to develop and maintain E&S capacity through regular training?
Yes
(1) – page 18 (Cross-sectoral measures, §2) and 19 (Casablanca Finance City, §1 & 2)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
E2.14 – Does the framework highlight the training of (i) front office staff, (ii) second lines of defense (risk officers and/or compliance officers), and (iii) E&S experts?
No
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External Communication Mechanism
E2.15 – Does the policy require FIs to establish and maintain an inquiry/complaints/grievance mechanism in relation to E&S or ESG practices?
No
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E & S Reporting
E2.16 – Does the policy require FIs to report regularly on E&S or ESG performance, including publicly, to investors or to regulators?
No
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E2.17 – Does the policy make E&S or ESG reporting and disclosure more consistent across financial institutions through principles, guidelines, or templates?
No
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E & S Integration - Enforcement
E3.1 – Is the implementation of the framework regularly verified or is information regularly collected from FIs?
No
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E3.2 – Is there any financial and/or non-financial incentive for establishing ESRM systems?
No
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E3.3 – Are there sanctions/penalties/warnings in case of noncompliance with the framework?
No
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Climate and Green Finance - Products and Services
Defining sustainable assets and financial products
C1.1 – Does the framework provide definitions and examples of green assets?
Yes
(4) – page 9 (Use of proceeds)(3) – page 7
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Green, Social and Sustainability Bonds Guidelines (AMMC, 2018) | Banks and Climate Charter (GPBM, 2016)
C1.2 – Does the framework provide a comprehensive taxonomy of green assets?
No
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C1.3 – Does the framework provide definitions, examples, or a taxonomy of social and/or sustainable assets?
Yes
(3) – page 8 & 9
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Banks and Climate Charter (GPBM, 2016)
C1.4 – Besides debt products (loans, bonds), does the framework provide definitions and examples of different types of sustainable finance products/services (e.g., saving accounts, means of payment, insurance, private equity, etc.)?
Yes
(1) – page 14 (Banking sector, §2), 15, 16 (III.)(3)
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
Green Finance Product Guidelines
C1.5 – Does the framework provide guidelines for green loan/green credit or other green financial assets (excluding green bonds)?
No
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C1.6 – Does the framework provide guidelines for issuance of green bonds?
Yes
(4)(3)(1) – page 15 (Capital market, §6)
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Green, Social and Sustainability Bonds Guidelines (AMMC, 2018) | Banks and Climate Charter (GPBM, 2016) | Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
C1.7 – Does the framework refer to existing standards (e.g., ICMA’s Green Bond Principles or CBI’s Climate Bonds Standard)?
Yes
(4) – page 19 (Useful links)
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Green, Social and Sustainability Bonds Guidelines (AMMC, 2018)
C1.8 – Does the framework recommend external party verification (e.g., second party opinion, assurance, certification)?
Yes
(4) – page 7 (§5)(3) – page 19 (Independant review)(5) – page 52 – V.6
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Green, Social and Sustainability Bonds Guidelines (AMMC, 2018) | Amended Listed Rules – draft (AMMC, 2018)
Climate and Green Finance - Climate and Green Investment Reporting
Tracking and Disclosure of Climate & Green Finance
C2.1 – Does the framework ask FIs to report on climate/green finance flows (quantitatively or qualitatively)?
Yes
(4) – page 15 (§2 “Periodic information”)(5) – page 74-75 – II.2 – II.2.6
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Green, Social and Sustainability Bonds Guidelines (AMMC, 2018) | Amended Listed Rules – draft (AMMC, 2018)
C2.2 – Does the framework ask FIs to report on climate risk exposure at portfolio level?
No
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C2.3 – Does the framework encourage FIs to report publicly on their green finance activities (i.e. not only to the regulator)?
Yes
(4) – page 15 (Periodic information) and 16 (Ongoing information)(3) – page 25
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Green, Social and Sustainability Bonds Guidelines (AMMC, 2018) | Banks and Climate Charter (GPBM, 2016)
Climate and Green Finance - Measurement
Calculation of Environmental Benefits
C3.1 – Does the framework ask FIs to calculate the environmental benefits of their investments? (e.g., CO2 emission reduction, water saving, etc.)
Yes
(4) – page 15 (§2 “Periodic information”, 2nd bullet point)
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Green, Social and Sustainability Bonds Guidelines (AMMC, 2018)
C3.2 – Does the framework provide a taxonomy of potential environmental impacts?
No
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C3.3 – Does the framework provide methodologies, tools, and/or templates to measure and report these impacts?
No
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Climate Risk Exposure Assessment
C3.4 – Does the framework ask FIs to monitor climate risk exposure at portfolio level?
Yes
(1) – page 6, 13 (Banking sector, §2) & 15
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Roadmap for aligning the Moroccan financial sector with sustainable development (BKAM, 2016)
C3.5 – Does the framework refer to specific climate risk exposure methodologies (e.g., climate scenario analysis, climate risk stress testing, calculation of carbon risk exposure, tracking of energy efficiency for real estate portfolio)?
No
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C3.6 – Does the framework encourage FIs to take mitigating steps on these risks?
Yes
(5) – page 10 (Engagement 4)
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Amended Listed Rules – draft (AMMC, 2018)
Climate and Green Finance - Incentives
Financial and Non-Financial Incentives
C4.1 – Does the framework provide any type of incentives for green financial products and services?
No
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C4.2 – More specifically, does the framework introduce financial incentives on green products and services?
No
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