Regulatory Alerts2023-01-01
Circular No. 92/2023: Sustainable Finance and Climate-Related Risks
The Palestine Monetary Authority issued Circular No. 92/2023 to mandate specialized lending institutions in Palestine to integrate Environmental, Social, and Governance (ESG) principles into their operations for sustainable finance and climate risk mitigation. The circular requires all covered institutions to submit a completed questionnaire (Appendix 1) via email within two working days of the directive's issuance. Additionally, institutions must submit a supervisory report (Appendix 2) by May 31, 2023, and provide updated quarterly reports within fifteen working days following the end of each quarter.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (92 / 2023) To all specialized lending institutions operating in Palestine Date: Wednesday, April 26, 2023
Subject: Sustainable Finance and Climate-Related Risks
Sustainable finance is among the important areas receiving attention from central banks and the international community. It is considered one of the models of economic development that directly relies on considering Environmental, Social, and Governance (ESG) factors in business and activities to address the reciprocal relationship between natural resources and their exploitation, thereby serving society and limiting the adverse effects of human activity on climate change, global warming, and resource depletion. The financial sector is the most important supporting sector for the economy, and achieving sustainable development goals and mitigating climate-related risks cannot be accomplished without its active role in directing its activities toward more sustainable economic activities.
To achieve this, all institutions are requested to provide us with the following via email: GF-CCR@PMA.PS
- The questionnaire (Appendix No. 1) within two working days from its date.
- Completion of the supervisory report (Appendix No. 2) by a maximum deadline of 2023/05/31, with the understanding that this report will be provided to us periodically within fifteen working days following the end of each quarter.
Supervisory Group Palestine Monetary Authority