Following the adoption of a Climate Finance Strategy in September 2024, aimed at accelerating the mobilization of financial resources to help Morocco achieve its 2030 mitigation and adaptation goals, Moroccan authorities are developing tools to promote green and sustainable finance and mobilize the necessary financing. This includes the implementation of a Green Finance Taxonomy (GFT), considered a crucial pillar for the development of sustainable finance in Morocco.

A Green Taxonomy is a classification tool designed to provide companies, financial markets, and policymakers with clear information on sustainable business activities. It also offers investors, governments, and bond issuers guidelines for identifying environmentally sustainable assets and business activities. According to the International Capital Market Association (ICMA), a green taxonomy is a classification system used to identify activities or investments that will help a country achieve specific targets related to priority environmental objectives.

The development of Morocco's green finance taxonomy is part of a growing momentum in support of the Kingdom's climate strategy, as part of a well-defined decarbonization roadmap.

The World Bank is supporting Moroccan financial authorities (MoF, BAM, AMMC, and ACAPS) in this effort, in collaboration with financial sector actors and international institutions.

Scope and Key Focus Areas

The GFT will prioritize environmental issues, with a focus on:

• Climate Change Adaptation – Addressing risks such as water scarcity, desertification, and natural disasters.
• Climate Change Mitigation – Reducing emissions through renewable energy and sustainable mobility.
• Sustainable Water & Marine Resource Management – Ensuring water conservation for economic and ecological stability.
• Biodiversity Protection & Restoration – Preserving Morocco’s unique ecosystems in line with international commitments.

This initiative marks a significant step toward strengthening Morocco’s sustainable finance framework, fostering climate resilience, and reinforcing its leadership in green finance within the region.

Dear Firms,

The Moroccan authorities (Ministry of Finance, Central Bank 'Bank Al Maghrib', Market Authority 'AMMC', and Insurance regulator 'ACAPS') are advancing a strategic initiative to develop a Green Finance Taxonomy (GFT), a key pillar of the country’s sustainable finance framework. The World Bank is supporting them in this effort and is hiring a consultancy firm to assist both the authorities and the Bank in this important endeavor.

Background:

Following the adoption of Morocco’s Climate Finance Strategy in 2024, the Moroccan authorities are developing tools to promote green finance and mobilize funding to achieve the country’s 2030 climate goals. The GFT aims to:

• Provide a clear classification of sustainable activities for companies, investors, and policymakers.
• Align Morocco’s green finance initiatives with international standards.
• Enhance investment and financing efforts for projects that actively support the country’s environmental goals.

This initiative marks a key step in positioning Morocco as a leader in sustainable finance in the region.

We invite you to submit your expression of interest. For ease of access, please find below the link:

Submission Deadline: The deadline for submitting your expression of interest is Wednesday, March 5, by 23:59 Washington time.