Middle East

QNB Group Launches Sustainable Financial Project-Doha News

Green investors can benefit from new sustainable projects launched to reduce carbon dioxide emissions in Qatar.

QNB has launched a green energy-centric financial tool to help banks and businesses increase their short-term sustainable financing options in collaboration with the UK-based HSBC. ..

Considered the first green of HSBC These green bonds, a global repo transaction that is a money market product used primarily to manage short-term liquidity and financing needs by banks and large corporations, provide a demand for sustainable assets. Helps to enhance. Qatar News Agency..

Green bond A debt certificate assigned to fund a project that is due to environmental and climate benefits.

Repo contract Or a “repo” is a short-term monetary agreement that allows the sale of bonds in exchange for cash.

The agreement holds that HSBC borrows cash from QNB in ​​exchange for ownership of QNB’s green bonds. HSBC then allocates “amount equal to the purchase price” to related businesses and projects focused on facilitating the gradual transition of low-carbon emissions to a sustainable economy. Projects that prioritize clean transportation and show clear environmentally sustainable motivations can benefit from these green tools.

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“This transaction expands the range of green financing solutions we can offer to the market, and partnering with QNB for this kind of first green transaction for HSBC demonstrates the importance of Qatar and the Middle East to the HSBC Group’s strategy. We will lead the transition to Net Zero, “said Abdul Hakim Mostafawi, CEO of HSBC Qatar.

Noor Al-Naimi, General Manager of Finance and Financial Institutions at QNB Group, said: This supports our belief that sustainability is strategically essential as we continue to work with counterparties to strengthen our sustainable financial ecosystem and enhance our green products and capabilities. “

MENA region and green bonds

In the Middle East and North Africa, Egypt reportedly sold its first sovereign green bond in the region in late 2020. Bloomberg.. Saudi Arabia and the United Arab Emirates (UAE) are looking at green issuance projects, and UAE’s Abu Dhabi National Oil Company is talking to banks about the possibility of the first release of green bonds.

Qatar’s Green Vision

Qatar has the highest per capita CO2 emissions in the world, exceeding 37 metric tons per capita, and is seeking to expand its green investment through various clean projects.

Read again: Roses are red and the cut flower industry is not so green

Qatar, with one million trees planted prior to the 2022 FIFA World Cup, has the highest carbon emissions per capita in the world, exceeding 37 metric tons per capita, taking a more sustainable approach. We are promoting it. statistics..

Guinness World Records stamp Qatar broke the record for most nationalities planting 1 million trees at the same time. The Public Works Authority – ASHGHAL, with 66 nationalities, reached a milestone on October 9, last year.

The purpose of the campaign, “Plant Million Trees,” was part of Qatar’s goal of protecting the environment and promoting greener habitats.

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