Doha, Qatar: Qatar has placed environmental stewardship at the core of its developmental agenda. From investments in renewable energy to pioneering carbon capture and storage technologies, the country is taking proactive steps to reduce its carbon footprint while fostering economic growth, said Yousuf Mohamed Al Jaida, CEO, Qatar Financial Centre (QFC), yesterday.

Addressing the CASI Sustainability Forum, Yousuf Mohamed Al Jaida, said, as we all know the urgency of addressing climate change has never been more apparent. Around the globe, nations are committing to reduce greenhouse gas emissions and the Mena region is uniquely positioned to contribute significantly to this effort.

In the Mena region, there is a growing commitment to adopting sustainable practices. Businesses and political leaders are focused on addressing the climate crisis, adopting circular economy principles and leveraging the region’s strength in clean energy. There is a notable increase in the availability of green financial instruments reducing the reliance on self-funding for sustainability initiatives.

Al Jaida stated, in 2019, Qatar commissioned the region’s largest carbon dioxide recovery and sequestration facility, which is designed to capture over 5 million tons of carbon dioxide emissions annually by 2025. In 2022 Qatar launched, the Al Kharsaah solar plant which can supply 10% of the country’s peak power demand. Over its lifetime the plant is expected to prevent 26 million tons of carbon dioxide emissions.

Recently, QatarEnergy announced that it will build one of the world’s largest solar power plants in Dukhan with a capacity to produce 4000 megawatts of energy. This is in addition to two other solar power plants with a combined capacity of 880 megawatts under development. Qatar aims to source 20% of its energy from renewables by 2030 and achieve a net zero carbon footprint by 2050.

It is also exploring waste to energy solutions and assessing large scale wind farm projects to further diversify its energy portfolio. These efforts highlight the crucial role of financing and achieving sustainability goals.

“Green and ESG oriented financial instruments are key to unlocking these opportunities. With the right investments, “we can drive innovation, scale up renewable energy projects and help industries reduce their carbon footprint. However, enhancing sustainable financial capabilities re-quires addressing several key factors,” Al Jaida said.

“We need clear and supportive regulatory frameworks, accessible financial products, and active engagement with investors, businesses and communities to align financial strategies with sustainability objectives.” 

“Continuous education on ESG factors, responsible investing and regulatory frameworks is essential for deepening our understanding of how to address the environmental and social challenges we face. Leveraging emerging technology is also crucial for tracking and assessing environmental impacts, while broadening access to green financing,” he added.

Recognising all this Qatar has taken significant steps to align its financial sector with global standards and unlock its economic potential in line with the Qatar National Vision 2030.

As part of its third financial sector strategic plan, Qatar is focused on strengthening governance and risk management, promoting digital innovation and advancing its Islamic financial framework to foster a more resilient and forward-looking financial ecosystem.

In addition, the country is reinforcing its commitment to meeting evolving ESG standards and nurturing local talent through targeted education initiatives, ensuring that sustainability remains central to its financial developmental efforts.

Collaboration among global institutions, governments, the private sector and academic bodies is essential for achieving sustainability objectives.

Al Jaida said, “Our region faces both challenges and opportunities, but it is well positioned for partnerships that leverage combined strength in technology and financial resources to accelerate clean energy deployment and reduce reliance on carbon intensive industries.”