First Middle East Exchange Launches Climate Change Initiative

First Middle East Exchange Launches Climate Change Initiative

The Amman Stock Exchange signed an agreement with the International Finance Corporation

The Amman Stock Exchange (ASE) signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group.

Under the terms of the agreement the IFC will provide technical support and training to the employees of the Exchange to enhance their knowledge with regard to issues and subjects related to the disclosure and reporting on actions undertaken to address the challenge of climate change.

In addition the IFC will support the development and the launch of a climate disclosure guidance to serve as a manual for implementation by listed companies.

The agreement was signed by the Chairman of the Board of Directors of the ASE, Dr. Kamal Al Qudah, and on behalf of IFC Ms. Mary Porter Peschka, Director of the ESG department at IFC.

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The ASE will be the first exchange in the Middle East to launch such a guide, which will explain the procedures and reports needed to disclose climate change by listed companies.

Mr. Mazen Wathaifi, CEO of the ASE, said: "The application of climate change disclosure is one of the latest international standards and practices for disclosure and transparency applied by the world's exchanges and viewed with interest by the world's investors and investment fund managers."

Wathaifi added that this agreement also came within the framework of the implementation of the projects of the strategic plan of the ASE, which includes the project for the application of Sustainability Standards by companies included in the ASE20 Index.

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