As part of its commitment to sustainable development, QNB Group, the largest financial institution in the Middle East and Africa, has joined the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative, promoting better business practices in the areas of human rights, labor, environment and anti-corruption.
This new partnership comes within the increasing focus on sustainability as one of the most pressing topics across all industries.
QNB Group, Acting Group CEO Abdulla Mubarak Al-Khalifa stated: “We are early on in our sustainability journey and I firmly believe a proactive approach to managing environmental, social and governance factors will strengthen our business resilience in the long-term and support QNB Group’s position as the largest financial institution in the Middle East and Africa. By joining the UNGC, we commit to embed its principles as part of the culture and day-to-day operations of the Group and to engage in projects which advance the broader objectives of the United Nations Sustainable Development Goal and the Qatar National Vision 2030.”
The UNGC provides a principle-based framework, best practices and resources that enables companies globally to conduct business responsibly, ethically while, contributing to the betterment of the society. With 13,000 participants and stakeholders in 170 countries, it helps organisations catalyze action, secure partnerships and collaborate. This initiative aims to mobilize a global movement of sustainable companies and stakeholders to create a more sustainable world. To make this happen, the UNGC supports companies on two main pillars: Doing business responsibly by aligning their strategies and operations with Ten Principles on human rights, labor, environment and anti-corruption; and take strategic actions to advance broader societal goals, such as the UN Sustainable Development Goals, with an emphasis on collaboration and innovation.
Supporting this initiative, QNB recently launched its Group-wide sustainability strategy across the organisation in line with national and international standards. As a result, it has improved the way in which it incorporates sustainability (Environment, Social and Governance) criteria into its financing activities, launched initiatives to reduce its environmental impact and supported local communities through volunteering and donations. Furthermore, QNB strengthened its risk management framework and improved the transparency of its corporate governance business practices, ensuring it operates in a responsible and ethical manner.
Source from: The Peninsula