In a significant step towards sustainability and climate action, QNB Group, the largest financial institution in the Middle East and Africa, has made history by becoming the first bank in Qatar to join the Partnership for Carbon Accounting Financials (PCAF). This landmark membership underscores QNB’s dedication to addressing climate change, aligning with its strategic focus on sustainability.
By joining PCAF, QNB reinforces its support for Qatar’s commitment to the Paris Agreement and its nationally determined contributions (NDCs). This partnership will enable the bank to effectively measure and manage greenhouse gas emissions associated with its loans and investments, thus promoting transparency and accountability regarding its environmental impact.
PCAF plays a crucial role in this endeavor by providing standardized frameworks and guidance for financial institutions to assess and disclose their greenhouse gas emissions. The partnership also offers technical support and access to a comprehensive emissions factor database, enhancing the bank’s capacity to evaluate its carbon footprint accurately.
As a global initiative, PCAF comprises around 500 financial institutions across six continents, working collaboratively to establish harmonized assessments and disclosures of financed greenhouse gas emissions. This coalition is witnessing rapid growth, particularly in regions such as North America, Latin America, Europe, Africa, and Asia-Pacific.
Insights from QNB Leadership
Fatima Abdulla Al-Suwaidi, Chief Risk Officer at QNB Group, expressed pride in the bank’s pioneering role in Qatar. “We are proud to be the first bank in Qatar to join PCAF and to be part of a global network of financial institutions committed to disclosing the greenhouse gas emissions of their financial activities. This is an important milestone that will guide our future disclosures and climate-related target setting. QNB aims to collaborate with PCAF to promote the adoption of consistent, industry best practice standards in support of our sustainability agenda.”
QNB Group has established itself as a regional leader in Environmental, Social, and Governance (ESG) initiatives, garnering numerous international awards and accolades for its pioneering efforts in sustainable financing. The bank continues to maintain top ESG ratings among financial institutions in the GCC region, reflecting its commitment to sustainability and responsible banking practices.
