Financing the ecological transition in Morocco: a comparative analysis of green bonds and sustainable bank credit

Abstract

This research investigates the trade-offs between green bonds and sustainable bank credit as mechanisms for financing the ecological transition of Moroccan firms. Based on a qualitative and comparative analysis of academic literature, institutional documentation, and regulatory frameworks, the study examines four key dimensions: accessibility, costs and incentives, reporting requirements, and contractual flexibility. The findings indicate that green bonds are better suited for large-scale enterprises possessing the requisite organizational and informational capabilities. Conversely, sustainable bank credit offers broader accessibility, particularly for SMEs and mid-tier companies, albeit subject to rigorous solvency constraints, ESG monitoring, and compliance standards. Furthermore, the analysis suggests that the existence of a "greenium" cannot be directly substantiated within the Moroccan market based on the corpus examined. Ultimately, this study demonstrates that the optimal financing choice is contingent upon both the firm’s specific characteristics and the broader institutional environment.

Keywords: Sustainable finance; green bonds; sustainable bank credit; ecological transition; ESG; Moroccan firms.

Received Date: June 19, 2026

Accepted Date: July 10, 2026

Published Date: August 01, 2026

Available Online at: https://www.ijsrisjournal.com/index.php/ojsfiles/article/view/828