Speaking at the opening of the 41st session of the Intergovernmental Working Group of Experts on International Accounting and Reporting Standards (ISAR), under the United Nations Conference on Trade and Development (UNCTAD), Mr. Bensouda said recalled that the Kingdom has been committed to sustainable development for several years and has made “significant” progress in this area.
The official, who is leading a Moroccan delegation to this event, cited in particular the adoption of the National Charter for the Environment and Sustainable Development, the Morocco-USA: Signature of a 2024-2027 cooperation action plan in the areas of environment and sustainable development”>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 put in place “a solid regulatory framework” for sustainable finances, in particular by creating a catastrophic risk coverage system and establishing clear guidelines for credit institutions in terms of management. environmental and social risks.
He indicated that the Kingdom of Morocco has also encouraged the development of new sources of financing by favoring sustainable financial instruments and promoting the principles of socially responsible investment.
These efforts have resulted in “significant” growth in green financing, particularly in key sectors such as renewable energy and sustainable agriculture, Bensouda noted.
“If it is essential to engage proactively in preserving the environment, it is just as important to have an accounting tool capable of reporting on the efforts made and the progress made, and of informing decision-makers and to show partners the level of commitment and determination of Morocco in this area,” he noted.
The Treasurer General of the Kingdom affirmed that Morocco “closely follows” the developments and updates of international accounting standards, in particular those related to sustainability, specifying that an ad hoc working group was created to strengthen skills in terms of 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 has five components: the accounting framework, the opening balance sheet, the accounting quality system, the accounting information system and the approach to change management.
The accounting framework includes the guidelines, fundamental principles, objectives, accounting plan and standards manual, adopted in 2008 and which are based on the international public sector accounting standards (IPSAS) and the Moroccan General Code of Accounting Standardization (CGNC).
The new accounting system was implemented in 2020, after ”a structured change management process”, assured Mr. Bensouda, noting that training was provided to executives and accounting managers in order to ensure a smooth transition.
In addition to the election of officers, the agenda of this meeting, which is held until Friday, includes several points, including the examination of the progress made in the harmonization and practical application of the principles of publication of information on sustainability and assurance work and related ethical considerations.
There is also talk of integrating financial performance and sustainability into the publication of information, taking advantage of digital tools.
Interview Between Time.news Editor and Mr. Bensouda, Moroccan Treasurer General
Time.news Editor: Good morning, Mr. Bensouda. It’s a pleasure to have you with us today. You recently addressed the opening of the 41st session of the Intergovernmental Working Group of Experts on International Accounting and Reporting Standards in Geneva. Can you share what prompted your involvement in this crucial meeting?
Mr. Bensouda: Good morning, and thank you for having me. My involvement in this meeting stems from Morocco’s long-term commitment to sustainable development. We believe that integrating robust accounting standards into our sustainability initiatives is essential for tracking our progress and demonstrating our commitment to both national and international partners.
Time.news Editor: That’s an important point. You mentioned Morocco’s significant progress in sustainable development through various strategies and charters. Can you elaborate on some of these initiatives?
Mr. Bensouda: Absolutely. Morocco has implemented the National Charter for the Environment and Sustainable Development, along with the National Sustainable Development Strategy and the National Climate Finance Development Strategy. These documents guide our transition towards a green and inclusive economy by 2030, aiming to integrate sustainability into all sectors of our society.
Time.news Editor: It sounds like Morocco is laying a strong foundation for sustainable governance. You also spoke about a solid regulatory framework for sustainable finances. What are some of the key features of this framework?
Mr. Bensouda: One of the key features of our framework is a catastrophic risk coverage system, which is vital for managing environmental and social risks. We’ve established clear guidelines for credit institutions, requiring them to consider these risks in their management practices. This supports responsible financing and protects our investment in sustainable projects.
Time.news Editor: Interesting! You mentioned encouraging the development of new financing sources. Could you tell us more about the initiatives in sustainable financial instruments?
Mr. Bensouda: Certainly. We have promoted principles of socially responsible investment and fostered a market for sustainable financial instruments. This has led to significant growth in green financing, particularly in sectors like renewable energy and sustainable agriculture. By emphasizing these investments, we not only support our economy but also the well-being of our planet.
Time.news Editor: Clearly, your initiatives are having a positive impact. You also highlighted the importance of accounting tools for reporting on sustainability efforts. Why do you think this is particularly crucial for Morocco at this moment?
Mr. Bensouda: It is vital for us to engage proactively in environmental preservation, but we must also have effective accounting tools to quantify our efforts. This allows us to report our progress accurately to stakeholders, informs decision-makers, and builds trust with our partners. Transparency in our sustainability endeavors is essential for continued support and collaboration.
Time.news Editor: As Morocco “closely follows” developments in international accounting standards, what role do you see for Morocco on the global stage in promoting sustainable development?
Mr. Bensouda: Morocco is committed to becoming a leader in sustainable development within our region and beyond. By adopting international accounting standards, we aim to set an example for other countries, particularly in Africa. Our goal is to create a robust network of nations that prioritize sustainability through unified standards and practices.
Time.news Editor: Thank you for sharing such valuable insights, Mr. Bensouda. It’s inspiring to see Morocco take such proactive steps in sustainable development. We look forward to following your progress and the impact it has both locally and globally.
Mr. Bensouda: Thank you for having me. I appreciate the platform to share our vision and efforts in sustainability, and I look forward to our continued dialogue on these critical issues.