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Central Bank of Jordan launches Green Finance Strategy

Dec 5, 2023 – The Central Bank of Jordan (CBJ), a SBFN member since 2016, launched a 5-year Green Finance Strategy on November 23rd. The strategy was launched during a high-level event bringing together key financial sector public and private stakeholders.

The aim of the strategy is to transform Jordan’s financial sector into a leading force for green finance mobilization and enhanced resilience against climate-related and environmental risks while also enabling Jordan to become one of the regional leaders in sustainable finance. The preparation of the strategy was supported by the World Bank Group.

Going forward into the implementation phase, CBJ will closely collaborate with stakeholders across the financial sector and beyond to integrate climate-responsive and environmental considerations into all aspects of financial decision-making, including financial institutions’ corporate governance structures, risk management and internal controls, disclosure and reporting mechanisms by developing an ESG guildeines, and green financing products and services.

The Green Finance Strategy launch event hosted by CBJ, World Bank, and other partners, also featured a panel discussion where representatives from the World Bank, SBFN, and SBFN member institutions- Bank Al Maghrib Morocco, Central Bank of Jordan, and the Egyptian Financial Regulatory Authority shared their overall experience related to sustainable finance roadmap implementation, common challenges, and latest trends and best practices. During the panel Ms. Nomindari Enkhtur, Advisor to SBFN said “We truly believe the Green Finance Strategy launched today by CBJ is a major milestone for sustainable finance development in Jordan and paves the way for more accelerated and coordinated action in the future. SBFN is committed to supporting CBJ in the implementation of the strategy alongside World Bank and IFC country teams”.

The development of sustainable finance national strategies or roadmaps are increasingly recognized by SBFN members as a powerful tool to align different parts of the financial system towards a common goal to accelerate sustainable finance. In response to this, SBFN has launched a Toolkit on “Developing sustainable finance roadmaps” earlier this year to guide SBFN members and other interested users.

To view the Green Finance Strategy by CBJ, click here.