RIYADH: Qatar intends to launch its first green fund as it aims to secure Environmental, Social, and Governance funding, Bloomberg reported.
The finance ministry is in contact with global banks in an attempt to accrue billions of dollars via green bonds.
Such a move may cause disputes among ESG investors given the Persian Gulf country’s vast carbon emissions on a global level, according to Bloomberg.
Qatar will appoint several banks to develop a plan on how the money is going to be spent.
A potential deal with state owned petroleum firm Qatar Energy could be sealed soon.
The Middle Eastern country aims to cut emissions by 25 percent by 2030.
However, gas remains a crucial commodity and the country is investing an estimated $30 billion to increase production capacity by 50 percent in the upcoming six years.
This comes as the gas shortages in Asia and Europe are partly attributed to the lack of proper spending in fossil fuels, Bloomberg reported, citing Saad Al-Kaabi, Qatar’s energy minister.