The Central Bank of Bahrain (CBB) expressed keenness to raise awareness within the financial and banking institutions in Bahrain about climate-related risks and include them in the institutions’ annual training plans, BNA reports.
CBB Governor Rasheed Mohammed Al Maraj said the moves would be within a drive to develop directives related to the environment and the climate.
He was speaking as the Bahrain Association of Banks (BAB) joined the Forever Green campaign to carry out the Central Market afforestation project at a total cost of BD 21,000.
Al Maraj praised the active contribution of the Bahrain Association of Banks, banks and financial institutions to the Forever Green campaign, which reflects the commitment of the financial and banking sector to national orientations to expand green zones in Bahrain and reinforce sustainable development.
The launch ceremony coincided with the International Day of Banks.
In 2019, the UN designated December 4 as the International Day of Banks in recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development.
Shade trees were planted to cool temperatures and purify the air from environmental pollutants for the sake of customers and Bahrain’s climate in general.
The Forever Green campaign, launched by National Initiative for Agricultural Development (NIAD), supports the efforts made by Bahrain locally, regionally and internationally to protect the climate.
The ceremony in which seedlings were planted to express the start of the process was attended by Al Maraj, NIAD Secretary-General Shaikha Maram bint Isa Al Khalifa, BAB Board Chairman Adnan Ahmed Yousif and CEOs sponsoring the initiative.
During the event, the bank CEOs and financial institutions that have contributed to the afforestation were briefed on the campaign objectives, the sites that benefited in the first phase and the positive results achieved from the intense campaign that is serving the climate and the flora in various regions in the Kingdom.
The campaign also contributes to limiting the effects of climate changes related to the increase in carbon emissions, enhancing air quality, and preserving the green area in Bahrain, especially that the Central Market is among the hottest areas in Bahrain.
BAB Chairman said that the participation of the Association in this national campaign was part of climate and environment-related initiatives it is implementing in partnership with financial and banking institutions members of the Association and government and private agencies.
The aim is to maximize the impact of the contribution by the financial and banking sector to environmental protection initiatives in Bahrain, he said.
He thanked the financial and banking institutions participating in the national campaign and reflecting the spirit of national and societal responsibility.
He added that the association aims to raise Bahrain’s contribution to supporting environmental issues locally, regionally, and globally.
He said it also aligns with the directives of relevant international organizations such as the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, and the Financial Stability Board.
Shaikha Maram said the fruitful cooperation between NIAD and BAB enhances the government efforts that emerged clearly in the environmental and agricultural framework.
The directives and support of HM King Hamad bin Isa Al Khalifa and the interest of HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, stressed the need to achieve an ecological food model, she said.
They are based on sustainability and the ability to face various challenges, especially with the increase in environmental and climatic risks facing the world in the next decades, Shaikha Maram added.
She stressed that the announcement by HRH the Crown Prince and Prime Minister of Bahrain’s commitment to achieving zero carbon dioxide emissions by 2060 has made it imperative for all to cooperate and work together to combat these global challenges.
Shaikha Maram expressed her great pride in the fruitful cooperation with BAB that led to the joint support by 20 banks to plant acacia and ficus trees characterized by the sustainability of their green color, large size, umbrella shape, low fall of their leaves and their ability to adapt to the Kingdom’s climatic conditions.
“The positive response of financial institutions to the directives of the Central Bank of Bahrain on the necessity of dealing with climate-related risks reflects their deep sense of patriotism, which will increase the impact of their contribution to environmental protection initiatives in the Kingdom of Bahrain,” Shaikha Maram said.
The “Forever Green” campaign to expand green areas in Bahrain and contribute to the fight against climate change has succeeded in greening 12 sites across the Kingdom, BNA reports. The National Initiative launched the ambitious campaign for Agricultural Development (NIAD). You may read the full story here.