As part of its strategy to strengthen the resilience of the Moroccan financial system to climate challenges, Bank Al-Maghrib has published directive no. 2/W/2025. This text establishes a regulatory framework intended to govern the collection and reporting of information related to climate risks, particularly for large borrowers.
Main points of the directive
The directive applies to banks, their subsidiaries, as well as the entities they control, including those located abroad, provided that local laws do not contradict the provisions of the directive. Its implementation is scheduled within a period of 24 months for banks, extended to 48 months for subsidiaries.
Collection and analysis of climate data
Banks are required to collect qualitative and quantitative data related to physical risks (natural disasters, asset vulnerability) and transition risks (greenhouse gas emissions and changes in consumer preferences). This information must be integrated into their financial risk management and monitoring systems.
Borrower policies and data reliability
Banking institutions must review the strategies of large borrowers regarding governance and climate risk management. At the same time, they must establish procedures to ensure the reliability of the data collected, whether it comes from internal, external sources, or directly from the borrowers.
Awareness and reporting
In addition to data collection, banks are tasked with raising awareness among large borrowers particularly exposed to climate challenges about environmental risks and the need to adopt measures to reduce their vulnerability. They will also need to submit periodic reports to Bank Al-Maghrib detailing borrowers’ exposure to climate-related financial risks.
Technical modalities and deployment plan
Bank Al-Maghrib plans to issue a technical notice to specify the application modalities of this directive. Banks must also develop a deployment plan to ensure an effective transition to sustainable finance.
A key step for sustainable finance
With this new directive, Bank Al-Maghrib marks a turning point towards the systematic consideration of climate risks within the banking sector. It aims not only to strengthen the resilience of financial institutions but also to encourage responsible practices among large borrowers. This initiative is part of a global movement aimed at aligning finance with climate objectives.