Doha, 22 February 2023 – QNB, one of the largest financial institutions in the Middle East and Africa, launched its innovative and market leading Sustainable Finance and Product Framework, with supporting Second Party Opinion from ISS Corporate Solutions.
The Sustainable Finance and Product Framework is the latest iteration of QNB Group’s award-winning approach to Environmental, Social and Governance (ESG) in financing, which supersedes and expands upon the pre-existing Green, Social and Sustainability Bond Framework. The new framework enhances the classification approach and methodology for labelling any products, services and transactions as Sustainable or Transition finance in line with latest standards and taxonomies, with the aim of delivering positive impact to the environment and society.
Together with well-established green/ social bonds and loans, the framework extends the scope of sustainable financing to include sustainability-linked transactions, transition of hard to abate sectors, and latest market developments. This includes eligible qualifying themes, categories and criteria, in alignment with international sustainable financing principles (including International Capital Markets Association (ICMA) and Loan Market Association (LMA)), and supported by the Second Party Opinion (SPO).
The framework demonstrates QNB Group’s continued commitment to making a positive impact through our financing activities, whilst promoting the just transition towards a carbon-neutral economy. QNB Group’s pioneering sustainable products and services include the first green bond issuance and green repurchase agreement in Qatar, as well as innovative green mortgage and electric vehicle loans for our retail customers.
ISS Corporate Solutions (ICS) says in its SPO that, “we find that the Sustainable Finance and Product Framework is consistent with the Bank’s sustainability strategy. The Bank sets clear and credible sustainable financing criteria for its ESG-linked products under the Framework. The Framework’s rationale to provide a set of sustainable financing products is embedded within the Bank’s overarching sustainability strategy.” ICS, whose SPO is undertaken by leading rating agency, ISS ESG, also concluded positive evaluations on QNB Group’s approach to environmental and social risk management, and the sustainability quality of eligible categories.
The Group maintains leading regional ESG ratings and awards, including “Outstanding Leadership in Sustainable Finance” and “Outstanding Leadership in Sustainable Bonds” by Global Finance Awards.
QNB Group is ranked as the most valuable bank brand in the Middle East and Africa. Through its subsidiaries and associate companies, the Group extends to more than 28 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is 28,000 operating through 1000 locations, with an ATM network of more than 4,800 machines.
