COP22: CDG Climate Strategy
On the eve of COP 22, CDG confirms its full and unequivocal commitment towards the fight against climate change during a day dedicated to financing solutions to the climate.
Saturday, November 5th, Casablanca – Caisse de Dépôt et de Gestion (CDG), first institutional investor in Morocco, held a one-day seminar entitled «Climate Solutions Factory» in partnership with the French Development Agency. In this
regard, Mr. Abdellatif Zaghnoun, Director General of CDG confirms the clear and unwavering commitment of the group in favor of the climate and its belief that a low-carbon economy that is also resilient to climate change represents an opportunity for the continent.
The strategic commitments of CDG, spearhead of public and private financial institutions in the region.
In his keynote speech, Abdellatif Zaghnoun, head of the group with a consolidated balance sheet in 2015 amounting to 206 billion dirhams (nearly 19 billion euros), went over the commitments of CDG to support and guide the development of an economy that is both prosperous and socially responsible.
The first commitment, which will be laid out in detail in the new strategic plan to be made public in the first quarter of 2017, relates to the mainstreaming of climate issues in the group’s financing decisions and, more generally, in its development strategy.
The second commitment revealed by Mr. Abdellatif Zaghnoun is measuring the carbon footprint of CDG business portfolio and its subsidiaries, conducive to the development of an action plan with an ambitious goal of energy savings amounting to 20% by 2020.
The third commitment relates to the setting up, in partnership with two institutional actors, an energy efficiency plan for two priority areas: buildings and public lighting.
CDG and its partners will contribute to achieving national objectives of energy efficiency by 12% in 2020 and 15% in 2030.
Alongside with this, so as to cover the entire value chain, an exclusively dedicated credit line will be set up with the assistance of development finance institutions.
The fourth commitment aims at sustaining its action in favor of the climate.
CDG, already a member of International Development Finance Club (IDFC), plans to integrate the network of socially responsible investors “Principles for Responsible Investment ‘’; in so doing it demonstrates its willingness to make climate one of its major concerns. Moreover, it commits to promote the transition to a low-carbon economy and Climate Finance, both nationally and regionally.
Finally, it is committed to mobilizing public, private, national and international financial stakeholders in favor of the climate.
An environmental mobilization that is already rooted in the Moroccan landscape
The dedication of CDG to the cause of the environment is a long term commitment and translates into a set of concrete actions implemented in recent years. Indeed, the group is proud of being the first developer in Morocco to obtain several international certifications, such as High Environmental Quality (HEQ), Quality, Safety and Environment (QSE) and Green Globe for three components of the eco-tourism resort of Taghazout. In the same vein, the group is in the process of developing an eco-city in Zenata, in the region of Casablanca, designed entirely with a view to environmental sustainability. Finally, the National Moroccan voluntary carbon offset program features among the iconic civic activities of CDG, carried out by CDG Foundation in support of many environmental projects such as the planting of thousands of date palms, or the fitting out of over 80 schools in rural areas with solar energy.
COP22 event: Climate finance in the spotlight
In his keynote speech, Mr. Abdellatif Zaghnoun highlighted the opportunity that climate finance represents and his belief that a strategy geared to renewable energies can also generate economic added value and be an engine conducive to job opportunities. On November 16, he will disclose two additional actions, one for the mobilization of domestic savings towards a carbon-free Africa, and the other pertaining to the integration of I4CE - Institute for Climate Economics, a think tank dedicated to climate economics.
Then, on 17 November, day devoted to the theme of energy, CDG will announce the launch with its partners of a common structure dedicated to energy efficiency.
By means of its participation in COP22, CDG confirms its institutional position as a leader, its mobilization for sustainable development, and its active role in the promotion and supervision of climate finance.