microsoft office professional 2010 setup free free logic pro x crackling free adobe photoshop software free download for windows 10 onone perfect photo suite 9 license number free install autodesk autocad 2012 free adobe acrobat pro dc javascript api free
32.2 C
Doha
Thursday, October 6, 2022
HomeQatar TimesQatar National Bank launches sustainable monetary project

Qatar National Bank launches sustainable monetary project


Green investors can benefit from a new sustainable project launched to reduce Qatar’s carbon footprint. 

Qatar National Bank (QNB) in conjunction with UK-based HSBC have launched a green energy-centered monetary tool which will aid in increasing the short term sustainable funding options for banks and companies.

Considered HSBC’s first green repurchase agreement globally which are short-term money market instruments used to manage near term liquidity and funding needs mainly by banks and major firms, these green bonds help boost demands for sustainable assets, according to Qatar News Agency.

Green bonds are debt instruments allocated to fund projects attributed to environmental and climate benefits.

Repurchase agreements or ‘repo’ are short-term monetary agreements which allows the sale of bonds in exchange for cash.

The agreement holds that HSBC will borrow cash from QNB in return for QNB’s ownership of green bonds. HSBC then allots an “amount equal to the purchase price” to relevant businesses and projects that focus on promoting a gradual transition to a sustainable economy with low-carbon emissions. Projects that exhibit clear environmentally sustainable motives with clean transportation prioritized can benefit from these green tools.

WHO designates Qatar cities with ‘healthy’ status

“This transaction expands the range of green funding solutions we can offer to the market and partnering with QNB on the first green transaction of its kind for HSBC indicates the importance of Qatar and the Middle East to HSBC Group’s strategy – and particularly our ambition to help lead the transition to net zero,” said Abdul Hakeem Mostafawi, CEO of HSBC Qatar.

Noor Al-Naimi, General Manager, Treasury and Financial Institutions QNB Group noted that “the transaction underscores our continued commitment towards sustainability and environmental principles. This affirms our conviction that sustainability is a strategic imperative as we continue to work with counterparties to boost the sustainable finance ecosystem, and to elevate our green products and capabilities.”

The MENA region and green bonds

In the Middle East and North Africa region, Egypt sold the region’s first ever sovereign green bond in late 2020, according to Bloomberg. Saudi Arabia and the United Arab Emirates (UAE) have been eyeing the green issuance project for some time, with UAE’s Abu Dhabi National Oil Co speaking to banks about its first potential release of green bonds.

Qatar’s green vision

Having the highest CO2 emissions per capita worldwide–standing at more than 37 metric tons per person, Qatar seeks to expand its green investment through various clean projects.

Read also: Roses are red, the cut-flower industry is not so green

With one million trees planted ahead of the 2022 FIFA World Cup, Qatar pushes for a more sustainable approach as it produces the most carbon emissions per capita globally, standing at more than 37 metric tons per person, according to statistics.

Guinness World Records stamps Qatar for breaking a record of most nationalities planting one million simultaneously. With 66 nationalities, the Public Works Authority – ASHGHAL accomplished the milestone on the 9th of October last year.

The aim of the campaign, “Plant Million Trees,” came as part of Qatar’s aim to preserve the environment and promote a more green habitat.

________________________________________
Follow Doha News on TwitterInstagram, Facebook and Youtube





Source link

RELATED ARTICLES
- Advertisment -
Shopeso

Most Popular

Recent Comments