To Subscribers, The following is a report by Qatar News Agency (QNA), issued as part of the Economic bulletin of the Federation of Arab News Agencies (FANA).

Doha, May 29 (QNA) - The announcement of the State of Qatar last week on the issuance of 2.5 billion USD worth of green bonds constituted a new boost to its efforts in developing a diverse and sustainable economy and achieving sustainable development in the country. This region's first-of-its-kind issuance aims at financing environmentally friendly projects.

In its announcement of the new Qatari initiative, the Ministry of Finance stated that the issuance of these green bonds offers investors the opportunity to participate in the country's journey to combat the negative effects of climate change and protect the environment through sustainable development, while simultaneously advancing the sustainable finance sector in the country.

This initiative, along with other sustainability and eco-friendly projects and initiatives implemented by Qatar, reflects the nation's rapid progress toward becoming an exceptional regional hub for a green economy. This is in line with its international commitments and its National Vision 2030, which aims to achieve a sustainable balance between economic and social development while preserving the environment.

The initiative is also part of Qatar's efforts to reduce greenhouse gas emissions by 25 percent by 2030 and focus on sustainable and green investments. Qatar plans to offer more than 75 billion USD in sustainable investment opportunities by 2030, reflecting its commitment to environmental sustainability.

At the heart of this endeavor is the Qatari energy sector's efforts to address the triple energy crisis of supply of security, affordability, and sustainability by providing the world with the cleaner energy needed for a responsible transition to low-carbon energy.

In this regard, HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi previously stressed the constant need for natural gas as the cleanest fossil fuel to meet the energy load required for electricity production and factories and industries operations. HE noted that 40 percent of the total new Liquefied Natural Gas (LNG) quantities reaching global markets by 2029 will come from QatarEnergy.

HE Minister of State for Energy Affairs added that there must be a balance between human demand and managing it correctly, as is the case in Qatar, we are working to increase production to 126 million tons annually, with an additional 16 to 18 million tons coming from our project in the US next year to do this in the most responsible way regarding emissions and carbon dioxide sequestration.

Regarding Qatar's role in these efforts, Eng. Saad bin Sherida Al Kaabi said that the country today has the largest carbon dioxide sequestration site in the Middle East and North Africa. More than 2 million tons of carbon dioxide are injected annually, with plans to increase to 11 million tons within a few years. LNG production plants use solar energy to operate, making the carbon emission intensity of LNG in Qatar one of the lowest in the world. Therefore, it is being done in a very responsible manner and working to reduce emissions.

In March 2022, QatarEnergy launched its updated sustainability strategy aimed at reducing greenhouse gas emissions through carbon capture and storage (CCS) technology to capture over 11 million tons of CO2 annually in Qatar by 2035, and reduce carbon emissions in the country's liquefied natural gas (LNG) facilities by 35% and in exploration and production facilities by 25%, pursuing its efforts to generate more than 5 GW of solar energy, end routine gas flaring, and reduce leaking methane emissions along the gas industry chain, among other initiatives.

On April 27, the Qatar General Electricity and Water Corporation (KAHRAMAA) launched the Qatar National Renewable Energy Strategy (QNRES). This strategy aims to increase large-scale renewable power generation to about 4 GW by 2030 and recommends the installation of distributed solar generation up to around 200 MW by 2030, which reduces pressure on the central grid infrastructure and enhances energy sustainability.

In terms of CO2 emissions reduction, the recommended power mix will have a significant impact in reducing 10% of Qatar's total annual CO2 emissions from the power sector. It will reduce the Carbon intensity in Qatar's annual CO2 intensity by 27% for each unit of electricity produced.

In terms of economic advantage, it is expected to reduce the average cost of electricity generation by 15% by 2030 due to the cost-competitive solutions.

In this context, the founder and chairman of the Friends of Environment Center (FEC) Dr. Saif Ali Al Hajari emphasized the crucial role Qatar plays in the current global energy transition, indicating how many countries are shifting towards reducing carbon dioxide emissions, particularly those relying on coal and other polluting energy sources, highlighting Qatar's 2022 commitment to the Net Zero Initiative on carbon neutrality, an energy sector initiative aiming to achieve near-zero methane emissions in oil and gas assets by 2030.

Dr. Al Hajari highlighted the significance of the launch of the Al Kharsaah Solar Power Plant project in October 2022, which has a production capacity of about 800 MW, equivalent to 10% of Qatar's peak electricity demand, with a total cost of 1.7 billion riyals. He also referred to the Ammonia-7 project, valued at $1.1 billion, which is the world's first and largest blue ammonia project with a production capacity of 1.2 million tons annually, expected to start production in the first quarter of 2026, as investments that reflect Qatar's commitment to international efforts to combat climate change and reduce carbon intensity in energy products and is a key pillar of QatarEnergy's sustainability and energy transition strategy.

For his part, Chairman of Coreinfo Consultancy and former CEO of Qatar Chemical Company Ltd. (Q-Chem) and Qatar Fuel Additives Company (QAFAC) Eng. Nasser Jeham Al Kuwari affirmed Qatar's success in reducing its carbon footprint (carbon dioxide) as the implementation of CCS technologies at industrial sites has led to a 10% reduction in emissions in the petrochemical sector over the past five years.

He pointed out that the State of Qatar has established research centers focused on developing green technologies and improving energy efficiency in petrochemical operations, and Qatar Science and Technology Park (QSTP) stands at the forefront of these initiatives, to enhance cooperation between academia and industry, as the adoption of energy-efficient technologies has led to a 15% increase in energy efficiency across Qatar's major petrochemical facilities, and these improvements not only reduce operational costs, but also enhance the environmental performance of the sector."

The foundations of this other shift towards sustainability and environmentally friendly solutions, linked to economic diversification, through investment in new non-hydrocarbon sectors such as tourism, sports and technology, can be addressed as follows:

1-Digital Transformation:
Fifteen priority technologies have been identified for the country's development journey, including artificial intelligence (AI), Internet of Things (IoT), and cybersecurity. Digital investments in the country through these priority technologies are expected to reach $5.7 billion by 2026, compared to $1.65 billion in 2022. This initiative drives the transformation of vital economic sectors, including transportation, healthcare, tourism, and education, enabling sustainable growth in those crucial sectors.

 2- Water Resource Management:
Qatar relies on water desalination technologies to meet its water needs, which consume a significant portion of energy. Therefore, the country seeks to improve the efficiency of desalination plants and reduce energy consumption in these processes, in addition to water reuse programs, reducing the depletion of natural water resources.

  3- Exemplary Projects And Sustainable Cities:
Initiatives such as Lusail City, Msheireb Downtown Doha, and The Pearl have been launched to serve as models for sustainable cities. The state has injected massive investments into these cities and areas to provide green infrastructure and smart energy consumption control technologies. For instance, Lusail integrates smart technologies with energy-efficient buildings and seamless smart transportation solutions, while Msheireb Downtown Doha incorporates smart infrastructure into its fabric to create environmentally friendly urban centers.

  4-Education, research, development, and awareness:
Qatar supports sustainability education through universities and educational institutions, investing in research and development to innovate new solutions for sustainable energy. The state also launches awareness programs to increase the understanding of the importance of sustainability in schools, universities, and the general community.

  5-Circular Economy:
Qatar adopts the principle of the circular economy, aiming to reduce resource wastage through reuse and recycling. This includes recycling industrial waste and using secondary products in other operations.

  6-Sustainable Transportation:
Qatar is developing sustainable transportation systems such as the Doha Metro and electric buses to reduce carbon emissions from the transportation sector. Qatar Airways implements comprehensive sustainability strategies balancing its business operations with long-term sustainability policies, including environmental protection and social responsibility. Qatar also supports clean transportation infrastructure, such as smart grids, and encourages the use of electric and hybrid cars.

  7-Energy Efficiency:
Qatar has launched programs to improve energy efficiency in residential and industrial buildings, including promoting the use of high-efficiency appliances and implementing environmentally friendly building standards. The State also set strict energy efficiency standards for new buildings.

  8-Environmental Initiatives:
Qatar has launched projects to protect marine environments and coral reefs, combat marine pollution, and reduce air pollution. It enforces strict policies to limit industrial emissions and improve air quality.

  9- International Cooperation and Participation in Global Initiatives:
Qatar participates in the Paris Agreement and supports international initiatives such as the International Renewable Energy Agency (IRENA), enhancing its collaboration with the international community to achieve sustainability goals. Doha hosts many international conferences focusing on environmental and energy issues, including Expo 2023 Doha, which was aimed at increasing green spaces, and before that, the FIFA World Cup Qatar 2022, which was the first carbon-neutral edition.

In response to these developments, economic expert Fawaz Al Hajri highlighted the positive impact of Qatar's economic diversification on sustainability practices. He stated that the public policy measures taken by Qatar to assist in economic diversification have bolstered economic growth through a package of actions. Most notably, the State focused on sectors such as tourism, hospitality, services, transportation, real estate, logistics, and others. He pointed out that Qatar received over 4 million visitors in 2023, boosting the recovery of sectors like hospitality, sports, shopping, exhibitions, festivals, and more, alongside significant expansion in the trade and finance sectors.

He added that economic diversification efforts are progressing well, focusing on building a diversified economy with reduced reliance on hydrocarbon activities, increased role of the private sector, enhanced competitiveness, and sustainability, as outlined in Qatar National Vision 2030 and the 3rd National Development Strategy 2024-2030.

He noted that Qatar has witnessed diverse and rapid economic growth across all sectors in recent years, emphasizing that the economic diversification strategy adopted by the country serves as an economic safety net against global economic fluctuations. He expects widespread economic growth driven by recovery in both hydrocarbon and non-hydrocarbon sectors.

According to data from the National Planning Council, the total number of new projects subject to environmental impact assessment increased from 2,428 projects in 2021 to 2,676 projects in 2022, reflecting growing interest in the environment and sustainability alongside developmental progress. The assessed projects in the past year included 572 large projects, 1,433 small and medium-sized projects, and 671 industrial projects.

Moreover, the data indicates that 99.8% of treated wastewater in wastewater treatment plants was utilized in agricultural irrigation at a rate of 76.13 million cubic meters per year, and in irrigating green areas 113.34 million cubic meters per year, and in injecting underground reservoirs by about 50.60 million cubic meters per year.

All these efforts reflect Qatar's serious commitment to positioning itself at the forefront of countries achieving a balance between economic growth and environmental protection, which contributes to achieving its National Vision 2030 and its leadership in the transition towards sustainability and the green economy and reducing carbon rates to maintain a sustainable environment, ensuring the continuity of national economic growth in the long term.

Qatar's National Vision 2030, launched in 2008, outlined a package of steps to be achieved, including measures to reduce emissions in key sectors such as oil, gas, energy, water, transportation, construction, and industry, accelerating the transition towards sustainable public transportation, designating areas for natural habitats and environmental protection, ensuring reliable and sustainable water supplies to protect water resources in the long term, enhancing water consumption rationalization practices, adopting circular principles in industrial operations, encouraging the development and adoption of sustainable and efficient resource utilization practices, supporting innovative agricultural practices focusing on high-productivity sustainable agriculture, and implementing requirements for green building construction. (QNA)