Qatari companies should capitalise on sustainable finance avenues, including green bonds and participate in QDB’s green financing and other initiatives for small and medium-sized enterprises, noted Bassam Hajhamad, Qatar country senior partner and consulting lead at PwC Middle East.
In a statement, Hajhamad said, “Despite the challenges, Qatar is making significant strides towards its sustainability goals, with momentum continuing to grow. The upcoming International Horticultural Expo, themed ‘Green desert, better environment’ encapsulates the commitment of Qatari companies to a greener future."
He said Qatar has witnessed a significant focus on sustainability, which is underpinned by the National Vision 2030 and the establishment of the Ministry of Environment and Climate Change in 2021.
The vision emphasises environmental sustainability, and the Ministry signals an institutional commitment to climate issues.
The country has set a bold goal of reducing greenhouse gas emissions by 25% by 2030, tying this commitment into the larger global climate goals and the Paris Agreement. These initiatives place sustainability at the heart of Qatar's economic and social development strategy.
Over 60% of respondents in 2023 PwC survey on environmental, social, and governance (ESG) issues in the Middle East affirmed that their companies have incorporated ESG issues into their strategies. Qatari companies formed the third-largest group among these respondents.
The Qatar Stock Exchange introduced ESG guidelines in 2015 and anticipates a shift towards mandatory reporting. Leading Qatari companies like QNB have also been publishing detailed ESG reports, underscoring their ambition to be sustainability leaders.
“To address skill shortages, we believe companies should enhance training programs and collaborate with educational institutions,” Hajhamad said.
PwC noted Qatar's progressive ESG journey, Qatar’s geographic position and arid desert climate make the nation particularly vulnerable to climate change. This has further driven the nation’s focus on environmental sustainability, with the establishment of The Ministry of Environment and Climate Change (MECC) in 2021, in addition to the launch of Qatar's inaugural green bonds, advancements in sustainable financing, the creation of 'Smart Cities' like Msheireb and Lusail–specifically designed to maximise sustainability and minimise emissions–and crucial initiatives like the 800MW Al Kharsaah Solar Power Plant, sufficient to provide about 10% of the country’s peak electricity demand.
