Despite a clear political will and mobilized funding, the transition to a low-carbon economy is struggling to take full hold in Morocco. The reluctance of some large companies, the fragility of SMEs, and the lack of a unified green taxonomy are still hindering this transformation, notes Finances News Hebdo.
The Kingdom has positioned itself as a pioneer in climate policies on the international stage. Its Nationally Determined Contribution (NDC 3.0) aims for a 53% reduction in greenhouse gas emissions by 2035. To achieve this, several economic mechanisms have been established, supported by international partners, to assist companies in their decarbonization efforts.
Among these, the Green Economy Financing Facility (GEFF)—derived from the Morsef programme—stands out as a model. It allows financing for high-energy-efficiency equipment through grants. Over 1 billion euros have been mobilized for this purpose. The stakes are not just ecological: investing in green initiatives also means enhancing competitiveness.
A Varied Transition Across Sectors
In agriculture, the large-scale shift to solar pumping exemplifies this economic logic: it is more profitable than subsidized gas pumps and has established itself without major state incentives.
In industry, the momentum is more cautious. Many large companies still perceive green investments as a cost rather than a strategic lever. The low share of energy in their expenses (2 to 10%) explains this conservatism. Even the investment charter, which offers a 3% bonus for projects incorporating an ecological component, remains underutilized.
A Regulatory Framework That Needs Clarification
The lack of understanding surrounding the concepts of green finance and climate transition is a significant impediment. To address this, the Ministry of Economy is preparing a Moroccan green taxonomy aimed at harmonizing criteria among banks, investors, and companies.
The issue of a carbon price remains unresolved. Although encouraged by experts and the Economic, Social and Environmental Council, a carbon tax is not yet a governmental priority— a notable discrepancy compared to Europe and its Carbon Border Adjustment Mechanism (CBAM), which is already affecting Moroccan exporters.
Vulnerable SMEs Need Essential Inclusion
SMEs, particularly in rural areas, are the most exposed. Without appropriate financial support, the green transition may threaten their viability. Many lack the means to invest, access to technology, or the necessary support.
Towards a Fair and Inclusive Transition
To succeed, decarbonization must rely on a comprehensive and inclusive ecosystem: locally available certified equipment, clear standards, reliable suppliers, training, technical assistance, and accessible financing.
Thus, the Moroccan challenge is no longer just about financing the transition, but about anchoring it sustainably within the entire economic and social fabric, without leaving behind the most vulnerable actors.
With FNH