The General Treasurer of the Kingdom, Mr. Noureddine Bensouda, highlighted Morocco’s efforts in sustainable and responsible finance on Wednesday in Geneva.
Speaking at the opening of the 41st session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), under the United Nations Conference on Trade and Development (UNCTAD), Mr. Bensouda recalled that the Kingdom has been committed for several years to sustainable development and has made “significant” progress in this area.
The official, who is leading a Moroccan delegation at this event, specifically mentioned the adoption of the National Charter for the Environment and Sustainable Development, the National Sustainable Development Strategy, and the National Climate Finance Development Strategy, emphasizing that these initiatives aim to accelerate Morocco’s transition to a green and inclusive economy by 2030.
Mr. Bensouda specified that Morocco has also established a “solid regulatory framework” for sustainable finance, notably by creating a system for catastrophic risk coverage and establishing clear guidelines for credit institutions regarding environmental and social risk management.
He indicated that the Kingdom of Morocco has also encouraged the development of new sources of financing by promoting sustainable financial instruments and advocating for the principles of socially responsible investment.
These efforts have led to “significant” growth in green financing, particularly in key sectors such as renewable energy and sustainable agriculture, Mr. Bensouda emphasized.
“It is essential to proactively engage in environmental preservation, but it is equally important to have an accounting tool capable of reporting on the efforts made and the progress achieved, informing decision-makers and showing partners the level of commitment and determination of Morocco in this area,” he noted.
The General Treasurer of the Kingdom affirmed that Morocco is “closely following” developments and updates in international accounting standards, particularly those related to sustainability, specifying that an ad hoc working group has been created to strengthen expertise in international standards and to develop expertise within the General Treasury of the Kingdom.
Mr. Bensouda also reviewed the accounting reform in Morocco, noting that it consists of five components: the accounting framework, the opening balance sheet, the accounting quality system, the accounting information system, and the change management approach.
The accounting framework includes guidelines, fundamental principles, objectives, the accounting plan, and the standards manual, adopted in 2008 and based on international public sector accounting standards (IPSAS) and the Moroccan General Accounting Standardization Code (CGNC).
The new accounting system was implemented in 2020, after “a structured change management process,” Mr. Bensouda assured, noting that training was provided to accounting managers and officials to ensure a smooth transition.
In addition to the election of the bureau, the agenda of this meeting, which runs until Friday, includes several points, including reviewing the progress made in harmonizing and practically applying the principles of sustainability information disclosure and related assurance work and ethical considerations.
There is also discussion about integrating financial and sustainability performance into information disclosure, leveraging digital tools.