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

The study identifies a significant gap between the high demand for green financing driven by Morocco's Nationally Determined Contributions (NDC) and the limited supply of dedicated instruments for SMEs. While sectors like industry and agriculture are well-served by credit lines, others such as transport, water, and construction remain underserved. The report recommends enhancing the regulatory framework, implementing a green taxonomy, and developing new instruments such as a dedicated green guarantee mechanism or an equity fund to support the transition to a green economy.

• Moroccan SMEs represent 93% of all companies and employ over 46% of the workforce, yet they only generate 40% of the GDP and 31% of exports, indicating significant growth potential through green integration.
• The demand for green financing is heavily driven by Morocco's updated NDC, with mitigation actions requiring 38.8 billion USD and adaptation actions requiring 40 billion USD, with SMEs expected to implement 40% of mitigation and 55% of adaptation actions.
• International pressure, specifically the EU's Carbon Border Adjustment Mechanism (CBAM), creates a strong economic incentive for Moroccan SMEs to decarbonize their operations to maintain competitiveness in exports to the EU.
• Nine priority sectors for green financing were identified based on decarbonization potential: agriculture, forestry and fishing; manufacturing; electricity, gas, steam and air conditioning; human health and social work; transport and storage; water production and distribution, sanitation, waste management and pollution control; construction; motor vehicle trade and repair; and extractive industries.
• The current green financing supply is estimated at approximately 4.9 billion USD between 2019 and 2024, which is considered insufficient given the scale of the NDC requirements.
• Green financing is currently concentrated in the industrial and agricultural sectors, leaving other high-potential areas like housing, fishing, transport, and health underserved.
• Most available green credit lines focus on energy efficiency (EE) and renewable energy (ER), creating a gap in funding for other green components such as circular economy, water optimization, and sustainable mobility.
• SMEs face significant barriers to accessing green finance, including a lack of awareness, under-capitalization (with many offers requiring 20% equity), and the high initial cost and longer payback periods of green investments.
• The report recommends several regulatory and fiscal reforms, including accelerating the accreditation of Energy Service Companies (ESCOs), making energy audits mandatory, and introducing tax incentives such as VAT exemptions on green equipment.
• To bridge the financing gap, the report suggests two potential new instruments: a dedicated green equity fund with OPCC status to address under-capitalization, or a green credit guarantee mechanism to reduce risk for commercial 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} }