QNB Group, the leading financial institution in the Middle East and Africa, has announced its participation in the 27th edition of the United Nations Conference of the Parties on climate change (COP27) to be held in Sharm El-Sheikh on 7- 18 November.
COP27 will bring together representatives from 197 countries to address international climate change issues, and the ways to drive the transition to more efficient and sustainable economies. The conference will also focus on repercussions of climate change in Africa.
As a key participant at the event, QNB Group strongly supports the efforts exerted towards the green economy transition in all sectors, mainly energy-intensive industries to mitigate the adverse impact of carbon emissions on both current and future generations that hinders sustainable development. The bank also focuses on supporting SMEs in overcoming environmental risks and aligning with sustainability standards. Further, the group integrates the Environmental, social, and governance (ESG) standards in all its finance activities and supply chain operations. Hence, the bank propels sustainability in all sectors through its wide array of financial programs, services, and banking solutions as well.
QNB also goes the extra mile, as it not only offers banking and financial services but also offers non-financial services, including technical support to its customers; in addition to raising social and environmental awareness and empowering women and the youth. It also takes part in several local and international initiatives for building the sustainability culture and collaborates with international developmental entities to unleash the promising potential for sustainable growth. The bank also keeps an eye on harnessing the quality of life for all citizens through CSR activities carried out by the group in the communities it serves.
QNB Group also strived to support the transition to a more neutral and sustainable economy, as it launched the first green repurchase agreement (Repo). Under the Repo, 34 services and products were introduced to reduce the negative impacts affecting the environment and society. These services include loans for entrepreneurs, green mortgages, customer services for customers with special needs, financial inclusion accounts, and green bonds. Besides, the value of the MSME lending portfolio reached USD 5 billion.
In the same context, CEO of QNB Alahli – Egypt, Mohamed Bedeir, affirmed that Egypt’s hosting of COP27 reflected the importance of Egypt’s vital role in the Middle East and Africa region, along with its concern of all the economic, political, and international issues. He also stated that climate action necessitates international cooperation to manage the environmental risks and eliminate GHC emissions to hold warming to 1.5 °C, in line with the international recommendations stated in the previous agreements.
“QNB is recognized by its cutting-edge green finance model that significantly contributed to carbon emission reduction, through allocating finances to projects of renewable energy production, smart solutions for energy efficiency, water consumption rationalization, resource and production input optimization, recycling, and alternative fuel production. Accordingly, natural resources will be conserved for future generations, which will achieve the UN’s sustainable development goals (SDGs) and Egypt’s Vision 2030.”, the CEO added.
Therefore, QNB Alahli strives to hold strategic partnerships with major development finance institutions worldwide for exchanging experiences in sustainable finance. Hence, the bank launched specialized programs associated with green economy transition and environmental commitments. These programs provide not only access to finance but also technical support for customers and investment incentives. These initiatives were hailed in success and recognized by key global institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Union, which are considered QNB Alahli’s strategic partners.
The bank’s commitment towards achieving international visions and perspectives is demonstrated, as it becomes a signatory of the United Nations Environment Programme Finance Initiative (UNEP FI) and the Principles for Responsible Banking (PRB). The bank recently assessed the carbon footprint of internal operations in the bank’s headquarters, coinciding with COP27.