RIYADH: Qatar Energy is looking to raise between $5 to $10 billion from issuing green bonds, banking sources told CNBC Arabia.
Qatar Energy is developing an environmental framework in collaboration with global investment banks, including Goldman Sachs, to move into the green bond market in conjunction with the global trend towards reducing carbon emissions, sources said.
The offering is expected to take place in the first quarter of 2022 or by the end of June 2022, sources added.
Separately, Reuters reported that the Ministry of Environment and Climate Change in Qatar launched a national climate change action plan aimed to reduce greenhouse gas emissions by 25 percent by 2030.
The plan also envisioned reducing "carbon intensity" of its liquefied natural gas facilities by 25 percent by the same year.
Qatar's move follows other Gulf Arab states, including Saudi Arabia which announced its net-zero emission target by 2060 ahead of the COP26 climate change summit in Glasgow next week.
Qatar is the world’s largest producer of liquefied natural gas and aims to expand LNG production to 127 million tonnes annually by 2027. It says its gas production helps combat climate change globally because it can help the world shift from high-polluting fuels like oil and coal to renewable energies.