The QNB Group has affirmed its commitment to achieve the objectives of Qatar National Vision 2030 (QNV 2030) , which also holds the essence of United Nations Sustainable Development Goals (UNSDG). The value of QNB’s green lending portfolio reached QR3.3bn, according to the QNB Group’s Annual Report 2018.
QNB, the largest financial institution in the Middle East and Africa (MEA) region, has developed its sustainability strategy in line with the national and international frameworks and reporting in accordance with the GRI Standards.
For instance, over the past four years, QNB Finansbank has financed twelve renewable energy projects worth over $350m to support Turkey’s transition to a more environmentally sustainable and diverse electricity supply.
“We financed the development and construction of six solar, three wind and three hydroelectric power plants that have helped to shift the country’s energy mix, significantly reducing greenhouse gas emissions,” said the report.
These projects produce approximately 2.8 million MWh per year and reduce greenhouse gas emissions by 1.4 million tonnes of CO2 e per year. The solar and wind projects, specifically, have contributed to Turkey’s aim of establishing a non-hydro renewable generation capacity of 27GW in the next five years. Of this, 5GW is expected to be solar and 20GW wind.
QNB has developed its sustainability strategy in line with these national and international frameworks and reporting in accordance with the GRI Standards.
The GRI (global reporting initiative), developed by the Global Sustainability Standards Board (GSSB), enables all organisations to report publicly on their economic, environmental and social impacts.
“Our proactive approach to adopting sustainable environmental, social and governance (ESG) business practices allows us to help shape a better long-term future for the economies and communities we touch on a daily basis,” noted the report.
The report added: “We have pledged to disclose our ESG performance to the Qatar Stock Exchange, which became a signatory to the United Nations Sustainable Stock Exchange Initiative and released its ESG guidance to encourage voluntary ESG reporting by listed companies.”
The Doha-based banking and financial giant, in accordance with the four pillars of QNV2030 and UNSDG, takes into consideration the socio-economic and environmental impact while making its lending decisions. It also promotes environmental protection, poverty alleviation, gender and educational equality and promoting wellbeing of human and other living beings.
For instance QNB, as part of its gender equality drive, boasts to have 33 percent of women in its Group Executive Management, and has introduced 18 products and services which have environmental or social benefits.
“By carefully considering the impact of our operations and financing, we are helping to protect profits, people and the planet for good,” highlighted the report.
The Banks highlighted that it takes a positive and proactive approach to sustainability, and QNB Group is able to reduce risk by integrating environmental, social and governance (ESG) considerations into its operations and financing.
“As a trusted, global brand, QNB offers valuable market insights and a range of quality products and services that benefit corporate, institutional and retail customers alike,” the report quoted Abdulla Mubarak Al Khalifa, Acting Group CEO of QNB as saying.
Commenting on sustainable development, Al Khalifa added: “Sustainable principles are embedded in our approach to financing and how we operate as a business to deliver sustainable financial performance.”
Source from: The Peninsula