Between 2022 and 2024, nearly 60% of public investments made by a sample of Moroccan state-owned enterprises and public institutions were climate-focused, according to the country’s first national climate finance tracking study. Led by the Ministry of Finance, the exercise marks a major shift in how Morocco funds its green transition.
Of the 54 billion dirhams invested by the organizations analyzed, close to 32 billion went into projects directly or indirectly addressing climate change—whether by reducing emissions or boosting resilience. This signals a decisive pivot toward sustainability in Morocco’s public investment strategy.
The study was conducted in partnership with a specialized consulting firm and focused on a panel of ten key public actors chosen for their strategic relevance, advanced environmental reporting, and sectoral impact. The initiative is part of a broader effort to establish an integrated national system to track climate-related investments across the public portfolio.
Leading the charge is CDG Group, which posted a full 100% of its projects as climate-relevant. It’s followed closely by the National Agency for Water and Forests (93%), and other major players such as the National Office for Electricity and Water (ONEE), phosphate giant OCP Group, Morocco’s national highways company, Tanger Med Port Authority, and Masen—all reporting 80% or more of their investments as climate-related.
The range of projects is broad, encompassing everything from solar energy development and industrial decarbonization to sustainable water management, biodiversity protection, and climate-resilient port infrastructure. These efforts are classified using the OECD’s Rio markers, which assess each project’s contribution to either reducing emissions or adapting to climate impacts.
Among the standout initiatives are a 1.42 billion dirham solar project led by Masen, seven forestry programs by the National Agency for Water and Forests worth 5.9 billion dirhams, and twelve major initiatives by OCP totaling 10.39 billion dirhams—nearly 90% of which meet climate objectives.
Yet the study also reveals room for improvement. In certain entities, such as the Airports Authority (ONDA), CDG, and the highways operator ADM, climate-focused investments made up less than 25% of the total. This gap underlines the urgent need to embed environmental criteria at the earliest stages of project planning and development.
Beyond its diagnostic role, the study represents a foundational step in enhancing transparency within the public investment portfolio. It also paves the way for Morocco to better attract international climate finance by clearly aligning its projects with global sustainability goals. The initiative supports Morocco’s commitments under the Paris Agreement and reinforces its position as a serious player in the global climate finance landscape.
As part of this broader effort, the National Agency for the Management of State Holdings (ANGSPE) launched a major initiative at the end of 2024 aimed at embedding social and environmental responsibility across state-controlled entities. The plan includes risk assessments based on ESG (Environmental, Social, Governance) criteria, the establishment of dedicated governance frameworks, and ongoing monitoring of sustainability commitments.
