Étude de cadrage : développement d'une offre de financement relative à l'économie verte au Maroc

This scoping study, commissioned by the Moroccan Ministry of Economy and Finance and supported by FSD Africa and the UK Embassy, analyzes the supply and demand for green financing instruments targeting small and medium-sized enterprises (SMEs) in Morocco. The report identifies a significant gap between the ambitious climate goals of Morocco's Nationally Determined Contributions (NDC) and the current financial offerings, which are heavily concentrated in the industrial and agricultural sectors and focused primarily on energy efficiency and renewable energy. It recommends the development of new financial instruments, such as a dedicated green equity fund or a specialized guarantee mechanism, to support a broader range of green sectors and smaller enterprises.

• Moroccan SMEs represent 93% of all companies and employ over 46% of the workforce, yet they generate only 40% of the GDP and 31% of exports, indicating significant growth potential through green transition.
• Morocco's updated Nationally Determined Contribution (NDC) requires an estimated 38.8 billion USD for mitigation and 40 billion USD for adaptation actions, with SMEs expected to implement approximately 40% of mitigation and 55% of adaptation actions.
• The European Union's Carbon Border Adjustment Mechanism (CBAM) creates an economic incentive for Moroccan companies to decarbonize, particularly in energy-intensive sectors such as electricity, cement, fertilizers, iron, steel, and aluminium.
• Nine priority sectors for green financing were identified: agriculture, forestry and fishing; manufacturing; electricity, gas, steam and air conditioning production and distribution; human health and social work; transport and storage; water production and distribution, sanitation, waste management and pollution control; construction; trade and repair of motor vehicles and motorcycles; and extractive industries.
• The sectors with the highest potential for scaling (largest number of eligible companies and high turnover) are wholesale and retail trade, land and pipeline transport, and construction (specifically building construction and specialized construction works).
• Between 2019 and 2024, 10 of the 13 primary green financing offers analyzed provided over 4.9 billion USD in available funding, which is deemed insufficient given the NDC requirements.
• Current green financing is heavily skewed toward the industrial and agricultural sectors, leaving other high-potential areas like housing and fisheries underserved.
• Green credit lines are primarily focused on energy efficiency (EE) and renewable energy (RE), creating a gap in funding for other green components such as circular economy, sustainable housing, and water optimization.
• SMEs face significant barriers to accessing green finance, including a lack of awareness, under-capitalization (many offers require 20% equity), and long repayment periods for green investments compared to traditional ones.
• The report recommends several regulatory and fiscal reforms, including accelerating the accreditation of Energy Service Companies (ESCOs), making mandatory energy audits effective, and introducing tax incentives such as VAT exemptions on green equipment.
• Two potential new financial instruments are proposed to bridge the gap: a green equity fund with OPCC status to address under-capitalization, or a dedicated green guarantee mechanism to reduce credit risk for banks.

APA

FSD Africa (n.d.). Étude de cadrage : développement d'une offre de financement relative à l'économie verte au Maroc. https://fsdafrica.org/wp-content/uploads/2025/05/Morocco-Green-Fund-French-08.05.23.pdf

Chicago

FSD Africa. Étude de cadrage : développement d'une offre de financement relative à l'économie verte au Maroc. n.d. https://fsdafrica.org/wp-content/uploads/2025/05/Morocco-Green-Fund-French-08.05.23.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Étude de cadrage : développement d'une offre de financement relative à l'économie verte au Maroc |url=https://fsdafrica.org/wp-content/uploads/2025/05/Morocco-Green-Fund-French-08.05.23.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafricandtude, author = {{FSD Africa}}, title = {{Étude de cadrage : développement d'une offre de financement relative à l'économie verte au Maroc}}, institution = {FSD Africa}, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Morocco-Green-Fund-French-08.05.23.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }