Qatar Central Bank Governor Inaugurates Arab Banking Conference 2024

HE Governor of the Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani inaugurated today the Arab Banking Conference 2024. Hosted by the State of Qatar on September 10 and 11, the conference is being held under the auspices of the Qatar Central Bank and is organized by the Union of Arab Banks under the theme: "Sustainable Development Requirements and the Role of Banks." In his keynote address, HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani underscored the importance of this conference in addressing sustainable development challenges. He emphasized that such discussions are essential for shaping the future trajectory of our global community. The Governor highlighted the extraordinary advancements, attributing them to breakthroughs in science, technological innovation, industrial revolution and unprecedented developments in healthcare. These progressions have significantly improved human quality of life, with global per capita GDP increasing more than tenfold over the past two hundred years. D espite these achievements, His Excellency acknowledged that this unprecedented growth has led to discernible climatic changes that impact our daily lives. He noted, "While the global community strives to make substantive progress toward the 2030 sustainable development goals, we face ongoing challenges that could hinder the attainment of these objectives and potentially stifle global economic growth." The Governor stated that finding a harmonious balance between economic growth and sustainability is crucial, as they represent the two fundamental sides of the equation. He called for responsible actions, including the implementation of effective mechanisms to achieve this balance and leveraging cutting-edge technology to mitigate carbon emissions. Additionally, he advocated for increased investment in sustainable projects. Addressing the role of banks in fostering sustainable development, His Excellency praised their essential role in financing the economy and supporting development initiatives. He stated, "Ba nks have historically played a crucial role in financing the economy, and they are uniquely positioned to enhance long-term economic, social, and environmental well-being by channelling resources into projects that are economically viable and have a positive impact on development." He highlighted the potential for growth through the issuance of sustainable financial products such as green bonds and the application of financial technology to meet broader sustainability goals. The Governor emphasized that banks, as key partners in development, must support and adopt practices aligned with sustainable growth requirements. This includes considering the impact of environmental, social, and governance (ESG) factors in their internal capital and liquidity assessment frameworks. Regarding the challenges to achieving sustainability goals, His Excellency noted that they are centred around the availability of high-quality data, the establishment of effective frameworks to achieve the goals, and the level of stakeholde r support. He stressed the role of regulatory bodies in creating an enabling environment to facilitate the transition to a sustainable economy. He also highlighted Qatars commendable progress in this domain, reflecting its commitment to advancing ESG and sustainability in the financial sector. Recently, Qatar Central Bank launched the "ESG and Sustainability Strategy and Principles for the Financial Sector" based on three pillars: managing climate, environmental, and social risks within the financial sector; encouraging capital investments in sustainable finance; and incorporating ESG and sustainability practices into the Bank's internal operations. HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani concluded his speech by calling for a unified effort to achieve the sustainable development goals, which remain a steadfast and collective aim for a more resilient and prosperous future. Source: Qatar News Agency