The European Investment Bank (EIB), the Climate Bank, and Crédit Agricole du Maroc (CAM) celebrated, on Monday, the launch of technical assistance aimed at better integrating climate risks into CAM’s policy and identify climate finance opportunities.
“During 18 months, this support mission will help the 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 accordance with the international best practices,” the two banks said in a statement.
This new support is part of the partnership signed between the two institutions in September 2020, relating to the financing of 200 million euros for the benefit of Moroccan companies in the sector of agriculture and the bio-economy, recalls the same source. This launch also follows a workshop to exchange good practices that took place in 2021, which enabled EIB teams to share the Bank’s approach to climate change.
The EIB Group indeed plans, within the framework of its strategy for the climate – aligned with the Paris Agreements – to increase green financing to 50% in all the Bank’s projects as well as to mobilize 1 billion for the climate and environmental sustainability by 2030.
The support will help build 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 portfolio from a green finance perspective and providing a process manual for a risk assessment and measurement system. 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 Environmental and Climate Risk Management System, we conclude.
