The Association of Banks in Jordan organized a training workshop titled “Climate Risk Management and Transformation Plans in Financial Institutions,” held from November 13 to 14, 2024. This workshop is part of a series of training sessions aimed at applying green finance in the banking sector, in collaboration with the project ” Green Action in Enterprises ” (GAIN), implemented by the German International Cooperation (GIZ) and supported by the Federal Ministry for Economic Cooperation and Development (BMZ), in partnership with the Frankfurt School of Finance & Management. This is within the framework of the cooperation agreement signed between the Association of Banks in Jordan and the GAIN project.

Over two days, the workshop aimed to equip banking sector professionals with the knowledge and tools necessary to understand, assess, and manage climate-related risks, present climate risk measurement methodologies, and ensure compliance with international and local regulatory requirements. Additionally, the workshop provided practical models for developing transformation plans and transitioning from traditional business models to environmentally and climate-conscious models that help banks adapt to climate changes and capitalize on related opportunities.

The training workshop also included discussions and a focus on the fundamentals of climate risk management, such as tangible and transition risks faced by financial institutions, transition planning strategies, and aligning them with the bank’s strategic goals and related national plans, including the Green Finance Strategy for 2023-2027. The second day of the workshop introduced participants to case studies, practical applications, and best practices in the field.

The training was led by international expert Basel Chaban, Director – Head of the Risk Management Competence Center at the International Advisory Services of
Frankfurt School of Finance & Management. Mr. Chaban is a prominent expert in climate risk management. During the workshop, he focused on transferring expertise and knowledge to the participants, including reviewing global compliance models such as European and international standards like the BIS guidelines and IFRS climate-related disclosures and green finance standards.

Dr. Maher Al-Mahrouq, Director General of the Association of Banks in Jordan, stated that this workshop is part of a series of four workshops scheduled for November and December. These workshops will cover various topics related to the applications of green finance important to the banking sector, such as dealing with clients, developing green products, and green selling. Al-Mahrouq also highlighted that these workshops are part of the joint activities to be implemented under the cooperation agreement with the GAIN project for the years 2023-2026, aiming to enhance joint cooperation, particularly in raising awareness about green finance and building banking capacities.

Al-Mahrouq further discussed the results of the first phase of the cooperation agreement with the GAIN project, which involved preparing an evaluation study on the status and practices of green finance in Jordan, analyzing both supply and demand sides. This phase also included a training-of-trainers program in green finance, aimed at training green finance committee members to become lead trainers of the program, ensuring the sustainability of the training within the Association of Banks in Jordan. Over 227 banking sector professionals, from various administrative and technical levels, were trained in this program. Al-Mahrouq emphasized the high level of approval and satisfaction received for the program from the banking sector.

Additionally, Al-Mahrouq explained the importance of enhancing the banking sector’s capacity in climate risk management and transformation plans to achieve sustainability and apply green banking trends outlined in the Green Finance Strategy issued by the Central Bank, which serves as a roadmap for the banking sector to open pathways toward green finance. He also pointed out that the workshops align with the goals of the Economic Modernization Vision, particularly in unlocking the potential of economic sectors, promoting a circular economy, and strengthening sustainability.

Al-Mahrouq expressed his gratitude to the GAIN project and the Frankfurt School of Finance & Management for their ongoing collaboration with the Association of Banks in Jordan and their role in executing the training workshops. He also emphasized the scope of the partnership with the Frankfurt School, which serves as one of the Green Finance Committee’s advisors at the Association of Banks in Jordan.

The workshop received widespread participation from representatives of the banking sector and relevant departments such as risk management, sustainability, and strategic planning. At the end of the training, participants expressed their appreciation for the efforts in organizing the workshop, noting that the topics discussed were crucial in enhancing their professional capabilities and supporting the shift towards sustainable banking practices. They also praised the Association of Banks in Jordan for its leadership in strengthening banking capacities through training programs tailored to the sector’s needs and enhancing its future potential.

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