(MENAFN- The Peninsula) Irfan Bukhari |
The Peninsula
Doha: In a bid to address the global challenge of climate change, Qatar investment Authority (QIA) is investing in zero-emission power generation projects.
“As of 2021, almost 50% of Qatar Investment Authority's infrastructure power generation projects are zero-emission investments with plans to continue to shift further towards greener assets,” the government Communications Office said in a tweet.
The GCO said that from zero-emission investments to excluding hydrocarbons, the State of Qatar is implementing business-friendly practices to promote sustainable economic growth in the country, in alignment with both Qatar National Vision 2030 and Qatar National Environment and Climate Change Strategy.
The country is marking Qatar Environment Day today.
“The State of Qatar continues to implement business-friendly measures to drive sustainable economic growth and develop its entrepreneurial environment,” it added.
The GCO said that in 2020, QIA announced it would no longer invest in hydrocarbons.“In 2020, Qatar announced its first large scale solar power plant Al Kharsaah. It will provide sustainable, affordable and clean energy expected to be fully commissioned by early 2022.”
In 2019, H H the Amir announced Qatar's contribution of $100m to support small islands developing states and least developed countries to address climate change and environment challenges during the Climate Action Summit, the tweet said.
QIA is actively taking part in global climate initiatives, and aims to ensure that sustainability principles are embedded across its portfolio, not a standalone part of it, according to QIA website.
QIA is a founding member of the One Planet Sovereign Wealth Fund Working Group and in 2018 helped produce a framework to integrate climate change analysis into investment decisions, the first of its kind.
“We are working with the world's biggest sovereign wealth funds to create a clearer picture of how companies ESG factors. Our work supports the development of meaningful internationally consistent environmental disclosure,” QIA said on its website.
In November 2020, QIA, in alignment with the principles of the One Planet Sovereign Wealth Fund Framework, pledged its support for the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). TCFD is a global standard for climate-related financial risk reporting.
“Our investment strategy is based on our responsibility to generate sustainable returns for future generations, so our approach aims to prioritise health and well-being for people and planet. Our sustainable investments span sectors from renewable energy and energy storage, to environmentally-friendly real estate and electric vehicles. We will continue to direct our capital to sustainable business models spread across the globe,” QIA said on its website.
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