-
16:40
-
16:20
-
16:00
-
15:40
-
15:20
-
15:00
-
14:40
-
14:20
-
14:00
-
13:30
-
13:00
-
12:30
-
12:00
-
11:30
-
11:00
-
10:40
-
10:20
-
10:00
-
09:40
-
09:20
-
09:00
-
08:40
-
08:20
-
08:00
-
07:30
-
07:00
Morocco Aims for 10% Green Share in Central Bank Reserves
In a significant move towards sustainability, Morocco is charting a green course with its central bank spearheading the effort.
Abdellatif Jouahri, the governor of Bank Al-Maghrib, Morocco's central bank, announced on Friday the ambitious goal of increasing the allocation of foreign currency reserves for green, social, and sustainable bonds from the current 7% to 10%. The announcement took place during a Rabat conference on climate change impacts, jointly hosted with Spain's central bank.
Jouahti underscored the commitment to enhance the sustainability of the investment strategy, emphasizing a preference for environmentally responsible choices. The central bank first ventured into green investments in 2016, committing $100 million to World Bank green bonds. Building on this commitment, the bank allocated an additional $200 million for sustainable bonds last year.
Aligning with global initiatives to address climate change, Jouahti highlighted that Morocco is estimated to require approximately $78 billion in green investments from 2022 to 2050, according to World Bank estimates.
Recognizing the potential impact of climate risks on economic aspects such as growth, employment, and inflation, Jouahti stressed the crucial role of central banks in addressing climate change impacts within their missions.
Morocco is gaining recognition as a regional leader in climate financing, as indicated by a recent report from Toronto-based Green For South Inc. The country stands out as the first in North Africa to adopt regulations and guidelines supporting climate funding.
In a proactive move, Morocco introduced a $78 billion climate plan last year, allocating $38 million for mitigation efforts and $40 billion for early warning systems. Alongside Egypt, Lebanon, and Turkey, Morocco is at the forefront of mobilizing green funds and bonds in the region.
The recent enhancement of the central bank's green reserves marks Morocco's latest stride towards fostering climate-friendly finance. As the nation embraces sustainability, its central bank is at the forefront of this transformative initiative.
