In light of the rise of environmental, social, and governance (ESG) criteria as levers for growth and attractiveness for investors, Morocco is accelerating the structuring of its commitment in this area. The IWA 48:2024, a new normative framework published by ISO, offers companies an international reference to integrate and improve their ESG practices.
In a global context marked by health, climate, and geopolitical crises, ESG criteria are redefining the economic model by placing sustainability at the heart of business strategies. This normative framework aims to harmonize ESG practices and ensure a transition towards a more responsible growth model.
A framework to strengthen the attractiveness of Moroccan companies
The IWA 48:2024 is designed to help companies integrate ESG principles in a coherent and measurable way. According to Salah Eddine Bennani, an expert in strategy and sustainable development at Forvis Mazars, this standard is particularly aimed at SMEs and developing countries, offering them an adaptable framework compatible with other existing references.
The value of this framework lies particularly in the establishment of comparable indicators, an essential criterion to attract investors and international funders, who are increasingly demanding in terms of ESG commitment before granting financing. Moroccan financial institutions, subject to growing sustainable finance standards, could also rely on this standard to refine their ESG risk management.
A progressive adoption, but challenges to overcome
Morocco has already initiated several actions in this area, through the National Sustainable Development Strategy and projects like Noor Ouarzazate in renewable energies. However, challenges remain, particularly regarding transparency, governance, and reducing the carbon footprint in certain industrial sectors.
The IWA 48:2024 could thus play a key role in aligning Moroccan companies with international standards and anticipating regulatory developments, particularly those related to green finance and the new requirements of the European Union, such as carbon taxation at borders.
For companies listed on the Casablanca Stock Exchange, which already must include ESG criteria in their financial reporting, this standard represents an additional lever for compliance and credibility. According to Mounim Zaghloul, a risk management expert, the effective implementation of these principles is essential to go beyond administrative frameworks and embed ESG at the heart of business strategies.
Towards a broader integration of ESG principles
ESG is not a new concept. As Tariq Essaid, an expert in CSR, reminds us, investor commitment to sustainable development dates back to the last century, with pioneering initiatives such as church ethical funds in the 1930s or socially responsible pension funds in the 1950s.
In Morocco, several actions have marked this evolution, notably the National Initiative for Human Development (INDH), the environmental and sustainable development charter, and the generalization of social coverage. The AMMC circular of 2019 also integrated ESG reporting into the obligations of listed companies.
The IWA 48:2024 fits into this dynamic by providing a structuring framework for managing and communicating ESG performance. It aims to promote a coherent and reliable approach on a global scale.
However, beyond standards and references, the real question remains that of effective implementation and the number of companies ready to adopt these principles to generate a tangible impact on their performance, society, and the environment.