Qatar proactive in taking steps to reduce carbon footprint: QFC

Doha, which has placed environmental stewardship at the core of its developmental agenda, is proactively taking steps to reduce carbon footprint, while fostering economic growth, according to a top official of the Qatar Financial Centre (QFC).

Addressing a sustainability forum, “Revamping Energy and Industry Landscapes: Financing the Accelerated Low-GHG Transition in the MENA Region”; Yousuf Mohamed al-Jaida, chief executive officer of the QFC Authority, said the urgency of addressing climate change has never been more apparent.
Nations are committing to reduce greenhouse gas emissions and the Middle East and North Africa (Mena) region is uniquely positioned to contribute significantly to this effort, he said highlighting the need to enhance capabilities and sustainable finance and support industrial transformation to meet the region’s long-term development objectives.

Finding a notable jump in the availability of green financial instruments, thus reducing the reliance on self-funding for sustainability initiatives; he said “Qatar is on a similar trajectory, placing environmental stewardship at the core of its developmental agenda.”

In this regard, he said, 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.”

In 2019, Qatar commissioned the Middle East and North Africa’s largest carbon dioxide recovery and sequestration facility, which is designed to capture more than 5mn tonnes of carbon dioxide emissions annually by 2025, al-Jaida said at the event, co-hosted by Capacity-building Alliance of Sustainable Investment (CASI), the Institute of Finance and Sustainability (IFS), the Industrial and Commercial Bank of China, and the QFC. In 2022, Qatar launched the Al Kharsaah solar plant, which can supply 10% of the country’s peak power demand, he said, adding over its lifetime, the plant is expected to prevent 26mn tonnes of carbon dioxide.

Qatar Energy has announced that it will build one of the world’s largest solar power plants in Doha, with a capacity to produce 4,000MW of energy. This is in addition to two other solar power plants with a combined capacity of 880 megawatts under development, al-Jaida said.

Highlighting that Qatar aims to source 20% of its energy from renewables by 2030 and achieve a net zero carbon footprint by 2050; he said 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 in achieving sustainability goals, he said, adding Green and ESG-oriented financial instruments are key to unlocking these opportunities,” al-Jaida said.

“With the right investments, we can drive innovation, scale up renewable energy projects, and help industries reduce their carbon footprint” but enhancing sustainable financial capabilities requires addressing several key factors, he said, seeking clear and supportive regulatory frameworks, accessible financial products and active engagement with investors, businesses, and communities to align financial strategies with sustainability objectives.

Leveraging emerging technologies is also crucial for tracking and assessing environmental impacts while broadening access to green financing, he added.
Stressing that 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; he said as part of its Third Financial Sector Strategic Plan, the country 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, Qatar 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 development and long-term efforts.

“We will explore market dynamics, policy frameworks, the role of financing in green technology innovation, and the integration of innovative financial products and Islamic finance,” al-Jaida added.