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Morocco Opens Wide Public Consultation on Green Finance Taxonomy Initiative
The Moroccan Ministry of Economy and Finance, together with Bank Al‑Maghrib, the AMMC, ACAPS and the Ministry of Energy Transition have announced a broad public consultation on the country’s Green Finance Taxonomy (TFVM). Running until 31 July 2026, the consultation seeks inputs from investors, regulators, businesses and the public to refine the taxonomy that will classify green economic activities based on scientific criteria. Backed by technical assistance from the World Bank and French development agencies, the taxonomy aims to steer capital towards climate‑friendly projects, improve risk management in the financial sector, and support Morocco’s 2030 climate‑finance strategy and its long‑term net‑zero goals.
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Background and Participants
As part of the finalisation of Morocco’s Green Finance Taxonomy (TFVM), the Ministry of Economy and Finance, Bank Al‑Maghrib, the Moroccan Capital Market Authority (AMMC), the Authority of Control of Insurance and Social Welfare (ACAPS) and the Ministry of Energy Transition and Sustainable Development have jointly launched a public consultation. The consultation period runs until 31 July 2026.
Purpose of the Consultation
The aim is to gather comments, observations and proposals from stakeholders – including investors, regulators, public and private companies – to enrich the taxonomy framework and bring it to completion.
Technical Support
The project is supported technically by the World Bank, Expertise France and the French Development Agency (AFD). It aligns with Morocco’s Climate Finance Development Strategy 2030 and the country’s international climate commitments, notably the CDN 3.0 and the National Low‑Carbon Strategy for 2050.
What Is the Green Finance Taxonomy?
The TFVM is designed as a common reference that classifies economic activities as “green” based on pre‑defined scientific and technical criteria. It will help identify climate‑friendly investment opportunities, improve risk management for financial institutions, and provide a clear tool for public actors, financial institutions, investors and both public and private enterprises.
Scope of the First Phase
In its initial phase, the taxonomy focuses on high‑impact sectors such as energy, transport and industry. The mitigation section includes renewable energy, storage, hydrogen, various transport modes and several manufacturing branches.
Structure of the Draft Documents
The consultation package contains two chapters:
- Mitigation of Climate Change – covering economic activities that contribute to emission reductions.
- Adaptation to Climate Change – covering activities that strengthen resilience against climate risks.
Environmental Objectives
The first phase targets two key objectives: (1) reducing greenhouse‑gas emissions in priority sectors, and (2) enhancing the resilience of economic assets against Morocco’s main physical climate risks – floods, thermal stress and water stress.
Adaptation Methodology
The adaptation chapter proposes a methodology to identify climate hazards and assess the alignment of investments. It addresses three major impact categories: thermal stress, water stress and flood‑related damages.
How to Contribute
Participants are invited to comment on the technical criteria for covered activities, the clarity and usability of the framework, the phased implementation approach, and any needed guidance or clarification. A FAQ document accompanies the draft to aid investors, banks, companies, regulators and other stakeholders.
All contributions must be submitted electronically via the dedicated consultation portal before the deadline of 31 July 2026.