During the 4th edition of the Regional High-Level Symposium on Financial Stability, held on November 26 and 27 in Rabat, Abdellatif Jouahri, Wali of Bank Al-Maghrib (BAM) and president of the Moroccan Committee for Coordination and Monitoring of Systemic Risks (CCSRS), emphasized the increased commitment of Moroccan financial regulators in the face of climate risks.
**Integration of Climate Issues into Financial Strategies**
Mr. Jouahri stated that Moroccan financial regulators are actively participating in global efforts to integrate the climate dimension into decision-making processes. He recalled key initiatives, notably BAM’s March 2021 directive encouraging banks to integrate climate risk into their governance and investment strategies. In partnership with the World Bank, BAM 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) and the Insurance and Social Welfare Control Authority (ACAPS) have also adopted significant measures. The AMMC introduced guidelines on sustainable financing instruments and made the annual publication of an ESG report mandatory since 2019. ACAPS, for its part, issued a directive on managing climate-related financial risks for insurance companies.
**A Global Context of Multiple Risks**
In addition to climate challenges, Mr. Jouahri addressed global upheavals: inflation, geopolitical conflicts, rising protectionism, and major technological transformations, such as artificial intelligence. These factors are redefining global economic and financial issues, increasing uncertainties and complicating decision-making.
According to him, mobilizing the financial resources necessary to address climate change remains a colossal challenge. This complexity is accompanied by new risks that are difficult to anticipate, requiring heightened vigilance from public and private decision-makers.
**Cryptoassets and Digital Currencies: A Regulated Approach**
Regarding cryptoassets, Mr. Jouahri mentioned the ongoing bill aimed at regulating these assets to protect users and leverage the opportunities they offer. He also discussed the issue of central bank digital currencies, examined as a potential lever to promote financial inclusion and achieve public policy objectives.
**A Symposium to Address African Challenges**
Under the theme “Financial Stability in Africa in the Face of Geoeconomic Uncertainties and Emerging Risks,” this edition of the symposium brought together experts to discuss ways to strengthen cooperation and macroprudential supervision. The event highlighted the necessary tools to preserve financial stability in the face of increasing risks while sharing experiences and strategies adapted to the African context.
In conclusion, Abdellatif Jouahri reiterated the importance of proactive regulation and enhanced coordination to navigate a financial environment marked by profound changes and interconnected risks.