(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Commercial bank has launched its inaugural Sustainable Finance Framework, which will further its commitment to support projects enable the transition to a low carbon and climate resilient Economy as well as positive societal impact, in line with Qatar National Vision 2030.
Under the Framework, Commercial Bank can issue Green, Social or Sustainability-labelled instruments such as bonds, sukuk and loans. The Framework includes categories related to renewable energy, clean transportation, green buildings, energy efficiency, sustainable water and wastewater management, pollution prevention and control, employment generation, food security and sustainable food systems, access to essential services, and affordable basic infrastructure.
The Framework is aligned with the International Capital Market Association's (ICMA) Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines, as well as the Green Loan Principles and Social Loan principles, published by the Loan Market Association, the Asia Pacific Loan Market Association and the Loan Syndications & Trading Association's (LMA, APLMA and LSTA).
Commercial Bank has obtained a Second Party Opinion (“SPO”) from Sustainalytics, a Morningstar Company, which is a leading and independent ESG research, ratings, and analytics firm. Sustainalytics provided the opinion that the Framework is credible and impactful, and affirmed its alignment with the relevant sustainable finance market principles. The SPO also indicated that eligible projects are expected to provide positive environmental and social impacts in Qatar.
Commercial Bank is committed to the Qatar National Vision 2030 which aims to transform Qatar into an advanced society capable of achieving sustainable development by 2030 through four interconnected pillars: environmental, economic, social, and human development.
Commercial Bank intends to use this Framework as a tool to support the 2030 Vision, Qatar's National Environment, and Climate Change Strategies through enabling business growth and supporting our clients in their transition towards to sustainability. Antonio Gamez Munoz, EGM, Chief Risk Officer & Chairman of Sustainability Committee of the Bank, said,“We are delighted to have published our Sustainable Finance Framework and Second Party Opinion from Sustainalytics. Commercial Bank is committed and aims to actively contribute to the goals of Qatar National Vision 2030 as well as Qatar's broader sustainability agenda.”
In establishing its inaugural Sustainable Finance Framework, Commercial Bank has received support from Standard Chartered Bank as a sole sustainability structuring bank.
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