If the green transition is to succeed, the tax system must be adapted accordingly. For Claire POTDEVIN, Green Tax Expert at UN Environment, “Green taxation can be seen as an instrument of financing, redistribution and behavioural change”.
Green taxation must align public finances with sustainable development objectives. Mechanisms can be directed towards sustainability programs for mobilizing funds to finance the green transition. Therefore, political coherence and governance for a just transition are essential.
Benryane emphasized: “The governance of the revised SNDD should involve tools for the territorialization of the strategy. Governance should be adapted to local specificities through consultation and co-creation with local and regional authorities”.
The private sector can play a crucial role in financing the green and inclusive economy, with Public-Private Partnerships being strengthened by a greater role for private entities. This was discussed by two working groups.
To finance the green and inclusive transition, the central bank could consider environmental risks, and green KPIs could be included in the finance law. A climate unit will be created at the Ministry of Economy and Finance, and extra-financial reporting will become common. The Moroccan Capital Markets Agency (AMMC) has introduced an ESG reporting obligation for companies making a public offering.
To improve the inclusive green economy, training course participants proposed developing a green investment taxonomy, improving sectoral policies, integrating environmental concerns into economic instruments, and collecting data. Digitalisation could assist in this regard. Green subsidies should be contingent on meeting environmental and social standards and green tax mechanisms should be decentralized to grant territories more autonomy and ensure budget efficacy while transferring power to them.