Bahrain Bourse hosts training workshop on Task Force on Climate-related Financial Disclosures

Bahrain Bourse hosts a training workshop on the Working Group on Climate-Related Financial Disclosures<br />

Manama, May 23 (BNA): Bahrain Bourse (BHB), a self-regulating multi-asset market, in cooperation with the United Nations Initiative for Sustainable Stock Exchanges (SSE), the International Finance Corporation (IFC), and the Carbon Disclosure Project (CDP). Hosted a training workshop on “The Task Force on Climate-Related Financial Disclosures (TCFD)”.

The TCFD recommendations provide a framework for companies to respond to the growing demand for transparency about climate-related risks and opportunities from investors.

The training workshop is in line with the Sustainability Action Plan of Bahrain Bourse to enhance capacity building in the field of sustainability and green finance products, as well as the importance of sustainability in the financial sector.

The workshop brought together experts from the United Nations Sustainable Stock Exchanges Initiative (SSE) to highlight climate-related financial disclosures for listed companies. The training workshop is in line with the latest Guidance Note on Climate-related Risks issued by the Central Bank of Bahrain in March 2022.

The two-day workshop provided participants with insights into the adoption of the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD).

The workshop consists of two modules that cover the following main topics: financial risks and opportunities associated with climate change, the importance of climate-related financial disclosure, key elements of climate-related financial disclosure, characteristics of good climate disclosure practices, and initial steps required by organizations to implement the TCFD recommendations.

The workshop was conducted by a panel of climate risk experts including Tiffany Grabsky, Senior Climate Reporting Specialist for the United Nations Sustainable Stock Exchanges Initiative, and Evan Jay, Public Policy Specialist on Climate Change and Sustainability for the Carbon Disclosure Project. (CDP).

“We are pleased to partner with SSE to deliver a valuable and insightful workshop on climate-related financial risks,” said Marwa Al Maskati, Director of Marketing and Business Development at Bahrain Bourse.

“As responsible investors demand a higher level of climate-related disclosures, publicly listed companies are incorporating climate-related risks as part of their ongoing sustainability reporting. This is primarily due to a growing awareness of the scale of climate risks and opportunities in the financial markets.

“We aim to encourage financing for a low-carbon and more inclusive economy, as well as support listed companies and market participants in their sustainable financial journey, as they seek to meet growing market expectations and demands in relationships with climate-related financial disclosures.”

Anthony Miller, coordinator of the United Nations Sustainable Stock Exchanges Initiative (UN SSE), said they are thrilled to join forces with the International Finance Corporation and CDP to provide training on climate disclosure and an overview of the task force on climate-related financial disclosures. (TCFD) recommendations to our members and their markets.

“Our goal with this program is to facilitate multi-stakeholder dialogue about TCFD disclosure and provide an understanding of the importance of climate-related disclosure,” he said.

“We congratulate Bahrain Bourse for taking this step forward on the sustainability path and for hosting the Climate Report training for market participants.”

The Task Force on Climate-Related Financial Disclosures (‘TCFD’) was formed in 2015 by the G20 Financial Stability Board to develop consistent disclosures of climate-related financial risks for use by companies, banks and investors in providing information to stakeholders. The TCFD Recommendations provide guidance to all market participants on disclosing information regarding the financial implications of climate-related risks and opportunities in order to integrate into business and investment decisions.

Bahrain Bourse issued its guidelines for preparing Environmental, Social and Governance (ESG) reporting for listed companies in June 2020.

In September 2021, Bahrain Bourse and HSBC Bahrain launched a thought-leading publication on sustainable finance titled “The Evolution of Environmental, Social, Governance and Capital Markets”, which focuses on the sustainable development agenda and green finance.

Bahrain Bourse has been a voluntary signatory to the United Nations Sustainable Securities Markets (SSE) initiative since 2019 to demonstrate its voluntary commitment to promoting sustainable and transparent capital markets in cooperation with listed companies and other relevant stakeholders.

Since 2019, Bahrain Bourse has been disclosing annual sustainability reports as part of its annual report, and is committed to demonstrating best practices in environmental, social and corporate governance.


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