Khaberni - In a significant move that enhances its position in the field of sustainability and responsible finance, and reflects its institutional commitment to enhancing climate transparency within the financial services sector, the Bank of Jordan recently announced its joining the initiative of the Global Partnership for Carbon Financial Accounting (PCAF). This initiative concerns providing standardized methodologies for measuring, evaluating, and disclosing carbon emissions related to financing and investment activities according to the highest international standards, and includes a group of leading financial institutions among several local ones.
This step comes within the framework of a clear vision to support the transition towards a green economy, especially as it aligns with national climate change policies and the directives of the Central Bank of Jordan to enhance green finance and reduce the environmental impact of the financial sector.
By joining this initiative, the bank will continue to elevate its practices in environmental, social, and governance management, develop tools for measuring and managing the carbon footprint, maintain commitment to transparency, and enable customers and partners to manage climate risks and opportunities more effectively. This will contribute to improving their decisions related to reducing their carbon footprint and help the bank maintain its position at the forefront of leading financial institutions in sustainability.
Bank of Jordan continues to enhance its role in environmental, social, and governance sustainability through a series of responsible practices and practical initiatives that embody its strategy, which integrates sustainability considerations into its operational processes, services, and products.
These practices and initiatives vary from expanding the use of solar energy to cover its operational needs, reducing direct and indirect emissions, which includes reducing reliance on paper and enhancing resource efficiency, designing green financial solutions, as well as launching and supporting community environmental projects, issuing regular reports documenting performance, alongside developing new mechanisms to ensure sustainable environmental development that supports the economy, society, and future generations.
It should also be noted that the PCAF initiative, founded in 2015 in the Netherlands and launched globally in 2019, works in collaboration with international entities specialized in sustainability and climate action, with the aim of enhancing the exchange of expertise and adopting best practices in carbon accounting. The initiative has become an internationally recognized framework that enables banks and financial institutions to measure and disclose carbon emissions transparently, and it includes more than 700 financial institutions worldwide, with adoptive standardized measuring methodologies that allow for precise and transparent measurement and comparison.
It should also be mentioned that Bank of Jordan, founded in 1960, is one of the leading banking institutions in the Hashemite Kingdom of Jordan and the region. The bank continues to develop its services and financial products to keep pace with the best international practices, committed to supporting sustainable economic and social development.
