The Association of Banks in Jordan, in partnership with the International Finance Corporation (IFC), held a workshop on Environmental, Social, and Governance (ESG) standards during the period of May 26-27, 2024.

The workshop covered a range of important topics applicable to the banking sector, including the importance of sustainability in the financial sector and its relation to sustainable development goals, as well as the practical concepts of environmental and social governance in the financial sector, such as environmental risks and their types, understanding the elements of sustainability reporting preparation, monitoring tools, and evaluation. The workshop also provided a range of models and examples of initiating and proposing mechanisms for implementation, in addition to presenting a series of case studies and examples in this regard.

Throughout the two days, the workshop reviewed the development of concepts and terms related to environmental governance and its connection to international agreements and its relationship with social responsibility in the financial sector. Participants also discussed the importance of developing environmental and social governance standards in the banking sector, and the importance of environmental governance standards in analyzing the opportunities and risks facing the banking sector.

It is worth mentioning that the training workshop comes within the memorandum of understanding signed between the Association and the International Finance Corporation (IFC), aiming to enhance capacities in the aspect of environmental governance standards in the banking sector and ways to utilize the best global practices for implementation. Mr. Fadi Mashrawi, Director of Studies, Policies, and Planning at the Association, explained that the Association is committed to enhancing the capacities of the banking sector in the environmental and social governance aspect due to its numerous benefits, especially in accessing global financing sources and the possibility of attracting international investment to the sector, enhancing the position of the banking sector in the region, in addition to valuable gains in identifying financing opportunities and mitigating social and environmental risks on the sector’s operations.

At the end of the workshop, participants expressed their gratitude to the trainers for providing important and practical information and thanked the Association for its role in enhancing banking capacities and providing training programs that meet the sector’s needs and enhance its future capabilities.