Green finance and sustainability updates from Qatar and Egypt

GREEN FINANCE-

QNB becomes first Qatari bank to join PCAF: QNB Group has become the first bank in Qatar to join the Partnership for Carbon Accounting Financials (PCAF), Gulf Times reports. The PCAF will help QNB measure and disclose the greenhouse gas (GHG) emissions associated with its lending and investment portfolios in efforts to boost transparency and accountability for its environmental impact.

Kuwait’s NBK was the last MENA member to join: The National Bank of Kuwait (NBK) joined PCAF back in May, becoming the first bank in Kuwait and one of six in the MENA region to do so at the time.

About PCAF: Founded in 2015 by fourteen Dutch financial institutions led by ASN Bank, PCAF is a global collaboration of financial institutions focused on developing and implementing a standardized approach to assess and disclose GHG emissions from their loans and investments, according to their website. This accounting method helps institutions set science-based targets and align their portfolios with the Paris Climate Agreement. PCAF has also created an open-source GHG accounting standard for the financial industry.

SUSTAINABILITY-

Egypt + WEF to prepare renewables guidebook: Egypt is preparing a comprehensive digital guidebook for renewable energy solutions and practices, according to a statement. The discussion on the guidebook came during a meeting of the World Economic Forum’s (WEF) Network to Mobilize Investment for Clean Energy in the Global South attended by Egypt’s Minister of Planning, Economic Development, and International Cooperation. The guide will be reviewed at the October Energy Ministers’ meeting in Brazil.

About the network: Launched in January 2024, the WEF’s network — made up of government representatives, international institutions and development partners — aims to increase green investment sevenfold over the next decade. Specific targets include quantifying the investment needed, exchanging knowledge on green finance, and crafting policy to accelerate energy transition financing. The network will use the Sharm El Sheikh Guidebook for Just Financing —published in COP27 — as a foundation.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Phase 1 of Oman’s Green Belt Project close to completion: 90% of the first phase of the Oman Green Belt Project — which aims to plant 45k trees in Dhofar by the end of the year — is now complete. The reforestation efforts — which come as part of a greater plan to plant 10 mn wild trees in the country — target areas already affected by desertification and low vegetation with plans to expand to new sites in future phases. (Muscat Daily)
Riyadh Air launches electric fleet for employees: Riyadh Air has partnered with National Transportation Solutions Company to launch a fleet of electric buses for employee transport across Riyadh. (Press Release)
Global Chemical Systems to build solar plant in Salalah: Omani firm Global Chemical Systems and Maintenance signed an agreement with Philex Pharmaceutical Industries to establish a 1.3 MW PV solar power plant in Oman’s Salalah Free Zone. The plant is expected to be operational next year. (Oman Daily Observer)