Regulatory Alerts2023-01-01
Circular No. 91 Sustainable Financing and Climate-Related Risks
The Palestine Monetary Authority issued Circular No. 91/2023 to mandate sustainable financing by integrating environmental, social, and governance (ESG) criteria into banking operations. The circular requires all Palestinian banks to submit a completed questionnaire within two weeks and deliver periodic supervisory reports by May 31, 2023, with quarterly submissions due within five working days after each quarter ends. These requirements establish a structured reporting framework to strengthen the financial sector's contribution to sustainable development and climate risk mitigation.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (91 / 2023) To all banks operating in Palestine Date: Wednesday, April 26, 2023
Subject: Sustainable Financing and Climate-Related Risks
Sustainable financing is among the key areas receiving attention from central banks and the international community. It represents an economic development model that directly incorporates environmental, social, and governance (ESG) considerations into business operations to address the interplay between natural resources and their utilization. This approach serves society while mitigating the adverse impacts of human activity on climate change, global warming, and resource depletion. The financial sector is the cornerstone of economic support; achieving sustainable development goals and curbing climate-related risks depends on its active role in fostering sustainability.
Accordingly, all banks are requested to submit the following via email at GF-CCR@PMA.PS:
- The questionnaire (Annex No. 1) within two weeks of issuance.
- The completed supervisory report (Annex No. 2) by May 31, 2023, with periodic submissions within five working days following the end of each quarter.
Supervision Department Palestine Monetary Authority