Morocco Wants to Promote Green Banking in Africa

Morocco, host country of COP22 in Marrakech November 7-18 and gate for investments in Africa, is busy working to encourage international financial institutions to support green banking markets in African continent.

BMCE Bank of Africa has teamed with the European Bank for Reconstruction and Development (EBRD) and organized on Wednesday a conference in Casablanca to discuss how to engage the financial sector in the climate challenge in Africa.

The EBRD/BMCE Bank of Africa conference reviewed the steps taken to implement the 2015 Paris global climate agreement that will come into effect in the coming weeks.

Participants discussed the practical steps that need to be taken to turn the Paris vision into reality, a theme that will be taken further at the COP 22 climate talks in Marrakesh in November, the follow-up to the COP 21 in Paris last year.

Addressing the conference, EBRD’s Energy Efficiency and Climate Change Managing Director Josue Tanaka said: “There is an urgent need for strong action ‎now to achieve global climate goals.”

He stressed “the EBRD’s strong conviction that commercial banks will play an ever more important role in the scaling up of green financing and in achieving significant environmental benefits based on their broad distribution capacity.”

Othman Benjelloun, Chairman of BMCE Bank group of Africa said: “In parallel with the great commercial success of the first €20 million financing facility dedicated to sustainable energy, MorSEFF has enabled Group BMCE-Bank of Africa to familiarize itself more closely with the renewable energy market, to improve its awareness and to support the development of resources devoted to the promotion of sustainable development, energy efficiency and renewable energy”.

He also said that “it is with enthusiasm and commitment that, within the context of the next COP 22, we are renewing our partnership with the EBRD, the AFD and the EIB for a new MorSEFF program designed to support businesses in their environmental approach and position ourselves as a benchmark bank in the field.”

The Casablanca conference included sessions on the regulatory framework for innovative financial products in the green arena, and the role of commercial banks in promoting green economy transition and cooperation with development banks.