QNB gets ‘Green Market Pioneer in Qatar’ award

Tribune News Network Doha QNB Group, the largest financial institution in the Middle East and Africa, has won the ‘Green Market Pioneer in Qatar’ award at...

Tribune News NetworkDoha QNB Group, the largest financial institution in the Middle East and Africa, has won the ‘Green Market Pioneer in Qatar’ award at the sixth Climate Bonds Awards, announced by the Climate Bonds Initiative (CBI). The Climate Bonds Awards, provided by the London-based non-profit CBI, recognises institutions who have demonstrated leadership through pioneering initiatives and green issuances to support specific climate-related or environmental projects.Commenting on this, QNB Executive General Manager and Group Chief Business Officer Yousef Mahmoud Al Neama said, “QNB is honoured to receive this prestigious award in recognition of the performance and commitment the Group has demonstrated in supporting the development of a green bond market in the region, whilst attracting a more diversified and socially conscious base of investors. This achievement is also a testament that we are on the right path to support the transition to a low carbon and environmentally sustainable economy, and provide our international investors further opportunity for sustainable investment.”The award acknowledges QNB’s position as a regional hub for issuing green bonds for sustainable projects in Qatar and across the Middle East and Africa. In September 2020, QNB Group became the first bank in Qatar to debut green bonds, issuing a $600 million green bond under its Medium Term Note (MTN) programme. The proceeds of the issuance were used to finance, re-finance assets in eligible green projects.The issuance was a proof to the investor community that QNB has developed a meaningful sustainability strategy aligned to the 2030Qatar National Vision (QNV), the United Nations Sustainable Development Goals (UNSDGs) and the Qatar Stock Exchange’s (QSE) directives on sustainability standards.It also demonstrated that the bank has identified material environmental risks and opportunities and that it is ready to face, invest and deliver upon them.The bond, which was listed on the London Stock Exchange (LSE), received subscriptions in excess of USD 1.8 billion, demonstrating strong global investor confidence.