(MENAFN- The Peninsula) Deepak John |
The Peninsula
Doha, Qatar: Ten Qatari firms have ranked among 'Sustainable 100' list in the Middle East by Forbes magazine.
The list includes under the category of banking and financial Services - QNB Group (rank 2) and Qatar Islamic bank (QIB, rank 10); Investments - Qatar investment Authority (QIA, rank 4); Oil and gas - QatarEnergy (rank 3); Real estate and construction - Qatari Diar (rank 10); technology and Telecom - Ooredoo Group (rank 4); transport and Logistics - Nakilat (rank 5), GWC (rank 9), and Qatar Navigation (Milaha, rank 10); travel and tourism - Qatar Airways Group (rank 7).
The Middle East is investing in a sustainable transformation, with initiatives underway to advance the harnessing of clean energy sources, innovations in waste management, water conservation, green architecture, and cultivating food sovereignty through smart and sustainable agricultural projects.
The financial sector is playing a pivotal role in the region's sustainability drive as banks and financial institutions promote accessibility through navigating sustainable finance, green bonds, and green sukuks. Even oil and gas companies are playing a central role in investing in alternative renewable energy sources. All those strategies are bringing the region closer to its goals of economic diversification in an economy traditionally dependent on fossil fuels.
Forbes Middle East noted on its website,“Our Sustainable 100 includes 44 companies from the UAE, 22 from Saudi Arabia, 10 from Qatar, and 12 global companies with 11 regional offices in the UAE. Five entries are from Egypt, three are from Kuwait, and two each are from Bahrain and Oman.”
Regarding the methodology, Forbes said,“To provide a comprehensive perspective, we have categorised our list into 11 key sectors. In each sector, different criteria have been assigned various scoring weights in association with their relevance within that category.”
“We considered the company size in relation to its positive environmental impact, whether the company has a sustainability/ESG report, Levels of preciseness and transparency in the report and sustainability-related initiatives in 2022/23,” it added.
It also considers levels of collaborations with other companies and sectors to achieve sustainable goal, level of reliance on renewable energy waste management, water waste reduction, and conservation strategies or initiatives in place, the company's clear roadmap toward net zero.
For the Banking and Financial Services sector, the amount of sustainable finance facilitated.
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