Qatar Makes Significant Progress in Establishing Green Economy

Doha: Within its tireless endeavors to develop a diversified economy and achieve sustainable development in the country, the State of Qatar has made significant progress as well as huge and rapid steps towards establishing a green economy capable of keeping pace with global changes by launching a set of strategies and initiatives covering all components of the national economy.

The State of Qatar places environmental and sustainability issues on the list of key priorities within its National Vision 2030 and in its development strategies to preserve the use of resources in a way that ensures their existence for future generations. This includes the use of renewable energy sources, reducing water and energy consumption, improving energy efficiency in industrial processes, and focusing on achieving balance between human needs and preserving the environment, which enhances green economy trends.

The Ministry of Finance’s recent announcement of the issuance of green bonds totaling USD 2.5 billion, the first of it
s kind in the region, marks the entry of the State of Qatar into a new phase of funding environmentally friendly projects aimed at combating the negative effects of climate change and protecting the environment through sustainable development.

This initiative and other projects and initiatives in the field of sustainability and environmentally friendly solutions confirm that the State of Qatar is moving forward rapidly and steadily on the path to becoming an exceptional center in the region for the green economy model, in line with its international commitments and with the perspective set by its National Vision 2030 to achieve a sustainable balance between economic and social development and environmental conservation.

Qatar’s issuance of green bonds was preceded by many other strategies and initiatives, including the energy sector as one of the fundamental pillars of the national economy. QatarEnergy launched its updated Sustainability Strategy, which outlines multiple initiatives to reduce Greenhouse Gas
es emissions, including flagship projects such as the further deployment of carbon capture and storage (CCS) technology to capture over 11 million tons per annum of CO2 in Qatar by 2035.

The strategy will further reduce the carbon intensity of Qatar’s LNG facilities by 35 percent, and of its upstream facilities by at least 25 percent (compared to previous targets of 25 percent and 15 percent, respectively) bolstering Qatar’s commitment to responsibly supply cleaner LNG at scale in support of the energy transition.

Furthermore, QatarEnergy will continue pursuing efforts to advance the midterm targets of increasing solar capacity to over 5 GW and eliminating routine flaring and limiting fugitive methane emissions along the gas value chain.

Source: Qatar News Agency