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Morocco's financial sector regulators are particularly attuned to climate risks, said Abdellatif Jouahri, Wali of Bank Al-Maghrib (BAM) and Chairman of the Moroccan Committee for Coordination and Supervision of Systemic Risks (CCSRS), on Tuesday in Rabat.
«As part of global efforts to address climate risks, financial sector regulators have launched several initiatives to integrate climate considerations into strategies, decision-making processes, and regulatory frameworks», Jouahri stated during the 4th edition of the Regional High-Level Symposium on Financial Stability, held on November 26-27.
According to Jouahri, Morocco faces clear and recurring manifestations of climate change, including years of drought, acute water stress, and frequent floods.
In response, BAM issued a directive in March 2021 requiring Moroccan banks to fully integrate climate risk into their governance, risk management systems, and investment and financing strategies. BAM, in partnership with the World Bank, also conducted a pioneering study on climate risks in the banking sector, the results of which were published in April 2024.
The Moroccan Capital Market Authority (AMMC) has similarly introduced initiatives, including publishing guides on sustainable financing instruments and socially responsible investments. Since 2019, AMMC has mandated all capital market issuers to publish annual environmental, social, and governance (ESG) reports.
Likewise, the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) issued guidelines for insurance and reinsurance companies on managing financial risks related to climate change and environmental factors.
Beyond climate risks, Jouahri highlighted a series of global challenges, including conflicts, inflationary pressures, geo-economic fragmentation, protectionism, digitalization, artificial intelligence advancements, and shifting demographic dynamics. These factors, he noted, contribute to heightened uncertainty and the emergence of complex, hard-to-manage risks, making decision-making a significant challenge for both public and private sectors.
Mobilizing the financial resources needed to achieve climate change mitigation and adaptation goals presents an additional hurdle, he said.
The symposium, themed «Financial Stability in Africa in the Face of Geo-Economic Uncertainties and Emerging Risks», aims to address the complex challenges to financial stability since 2020. It includes panels and debates to share expertise and strengthen cooperation on financial stability and macro-prudential supervision.
