At the recent COP29 climate summit in Baku, Azerbaijan, BAM showcased its initiatives to address climate-related risks and promote sustainable finance. The bank’s strategy is multifaceted, encompassing educating financial sector stakeholders about the potential impacts of climate change, organizing training workshops to enhance environmental risk management capabilities, encouraging collaboration among key stakeholders to drive sustainable finance, and collaborating with national and international institutions to identify opportunities and address challenges in the green banking sector.
BAM’s efforts align with Morocco’s ambitious Low Carbon Strategy 2050 and its Nationally Determined Contributions (NDCs). As a member of international networks like the NGFS and SBFN, the bank is committed to adopting global best practices in sustainable finance.
To further its green finance agenda, BAM has issued a directive to Moroccan banks, mandating the integration of environmental factors into their business strategies. This directive outlines guidelines for governance, risk management, training, and transparency in financial reporting.
While COP29 has been a significant platform for discussing climate finance and action, concerns have been raised about the role of fossil fuel interests and the choice of Azerbaijan as the host country. Despite these challenges, Morocco’s commitment to sustainable finance, as exemplified by BAM’s initiatives, offers a beacon of hope in the global fight against climate change.
MK/te/fss/abj/APA