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Bahrain Bourse Joins Net Zero Financial Service Providers Alliance

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Bahrain Bourse (BHB), a licensed exchange by the Central Bank of Bahrain, announced its voluntary commitment towards the Net Zero Financial Service Providers Alliance. This significant step underscores Bahrain Bourse’s unwavering dedication to sustainability and aligns with its overarching mission to foster Environmental, Social and Governance (ESG) principles across the capital market, in line with the Kingdom of Bahrain’s announced “Bahrain Blueprint” national action plan, which aims for carbon neutrality through a low-carbon economy, climate change adaptation, and sustainable opportunities in the new green economy.

Bahrain Bourse’s commitment towards joining the Net Zero Financial Service Providers Alliance follows its signing of the Net Zero Pledge during the Annual Conference of the Arab Federation of Capital Markets (AFCM) held in Doha, Qatar on the 29th of April 2024 with the attendance of the Chairman of AFCM and Acting CEO of Qatar Stock Exchange, Mr. Abdulaziz Al-Emadi, and Secretary General of the AFCM, Mr. Rami El-Dokany. Other signatories that joined the Net Zero Financial Service Providers Alliance included Amman Stock Exchange, Muscat Stock Exchange, and Palestine Stock Exchange.

This pivotal commitment is an integral component of Bahrain Bourse’s comprehensive Sustainability Action Plan, aimed at advancing ESG practices within the capital markets sector. It further builds upon BHB’s ongoing sustainability initiatives.

Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse, commented on Bahrain Bourse’s latest commitment, stating, “Bahrain Bourse recognizes the fundamental role exchanges play as information hubs beyond their fundamental role. This aims to enhance transparency in the market in the form of information disclosure, through promoting ESG reporting disclosures. Joining the Net Zero Financial Service Providers Alliance reaffirms our steadfast commitment to fostering sustainability within the capital market. By aligning with global initiatives such as the Net Zero Pledge, we aim to catalyze meaningful change and contribute to a more sustainable future across the Kingdom of Bahrain.”

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Anthony Miller, Chief Coordinator, UN Sustainable Stock Exchanges initiative commented: “Bahrain Bourse has shown leadership in addressing the climate crisis by joining the Net Zero Financial Service Providers Alliance and committing to play its role in the transition to a low carbon future.”

Since 2019, Bahrain Bourse has been a voluntary signatory to the United Nations Sustainable Stock Exchanges (SSE) initiative, demonstrating its proactive engagement in promoting sustainable practices within capital markets. In June 2020, Bahrain Bourse took a pioneering step by issuing its ESG Voluntary Reporting Guideline for listed companies. This guideline serves as a benchmark for listed companies to enhance transparency and accountability regarding their ESG performance.  In January 2023, the GCC Exchanges Committee – GCC General Secretariat has also published a unified set of ESG Disclosure Metrics to align reporting across all GCC exchanges and enhance transparency within capital markets, which included 29 ESG reporting metrics. In November 2023, the Central Bank of Bahrain issued the ‘ESG Requirement Module’ under the Common Volume of the CBB Rulebook which will be applicable on all listed companies as well as targeted CBB licensees for the reporting period ending December 2024.

Moreover, BHB has been reporting on its own ESG disclosure as part of its annual sustainability reporting as an integral part of its Annual Report, showcasing its adherence to best practices in ESG principles.

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