environment in recent years, setting it up as a major component of its corporate social responsibility policy. in 2019, it established a dedicated structure for a greater consideration of climate change in its missions and to reduce the environmental footprint in its activities. in this respect, the bank carried out an assessment of its greenhouse gas emissions in 2021 and defined a plan to decrease them. this plan mainly comprises energy efficiency programs, the use of renewable energies as well as sustainable mobility. in 2022, as part of the national efforts to rationalize water resources, the bank adopted a charter of commitments to achieve a responsible and sustainable management of this resource. finally, aware that tangible progress on a global challenge such as climate change can only be achieved within a global framework, the bank actively takes part in the work of numerous international bodies such as the ngfs, in which the bank is member of the 3 / 4 bis - central bankers'speeches steering committee and is strengthening cooperation in this area with partner central banks and international institutions. the purpose is always the same : better understanding, wiser actions. thank you for your attention. 4 / 4 bis - central bankers'speeches

are ongoing within central banks and international bodies such as the financial stability board and the network for greening the financial system ( ngfs ), which brings together over a hundred central banks and financial supervisors. ladies and gentlemen, 2 / 4 bis - central bankers'speeches at bank al - maghrib, we have been involved in these national and global efforts to combat climate change and its impacts for several years. in 2016, on the sidelines of cop22 held in marrakech, the bank rallied regulators and stakeholders in the national financial sector around a roadmap on sustainable finance. in the same vein, bank al maghrib is working alongside the ministry of finance and other financial regulators to draw up a strategy for financing the fight against climate change. this should make it possible to assess the green financing gap and identify measures and mechanisms to enable the national financial sector, as well as foreign financial institutions, to amplify their contribution to green and climate finance. it will be supported by the adoption of a green finance taxonomies, necessary to channel financial flows and prevent " green washing ". regarding banking regulation, bank al - maghrib issued in 2021 a directive on the management of financial risks related to climate change and the environment. to assist banks in its deployment, bank al - maghrib, with the support of the world bank, has carried out an assessment of the banking sector's exposure to physical and transitional climate risks, as well as an analysis of climate shock scenarios. bank al - maghrib is currently working on new regulatory guidelines to provide banks with guidance on the data to be collected as well as the indicators and metrics to be put in place to measure climate - related risks emanating from major borrowers and to assess the green and sustainable portion of their portfolios. they also aim to transpose international sustainability transparency standards to enhance market discipline within the banking sector. in terms of managing its foreign exchange reserves, bank al - maghrib incorporates the principle of sustainability into its investment guidelines, by promoting sustainable and responsible investments. as of 2016, at cop22 hosted in marrakech, the bank invested $ 100 million in green bonds issued by the world bank. more recently, in 2023, it made a similar investment of 200 million dollars. its investments in green, social and sustainable bonds currently account for 7 percent of foreign exchange reserves, with a long - term target of 10 percent. bank al - maghrib strengthened its commitment to the