Doha, Qatar – September 26, 2024 – The Capacity-building Alliance of Sustainable Investment (CASI) successfully concluded the groundbreaking Sustainability Forum titled "Revamping Energy and Industry Landscapes: Financing the Accelerated Low-GHG Transition in the MENA Region", alongside the Industrial and Commercial Bank of China (ICBC) and Qatar Financial Centre (QFC) Authority,  More than 200 attendees participated this two day event, comprising policymakers, financial institutions, and industry leaders of 26 economies from the Middle East and North Africa region.

The Middle East is transitioning from oil and gas to sustainable sources like solar and wind, and the economy to more diversified sources, responding to global decarbonization trends. As demand for traditional fossil fuel energy is set to decline in the future, investments in green growth and low-GHG transitions are crucial.

Ma Jun, Chairman of CASI and President of IFS, emphasized that “Demand for sustainable investment is growing rapidly in the developing world, including the MENA region, yet a significant portion of that demand remains unmet. A major bottleneck in developing sustainable finance markets is the lack of capacity in designing and implementing policy frameworks, developing products, and originating bankable projects. CASI is poised to assist regions requiring capacity-building services.”

To support the transition efforts and bridge the gap between the need and provision of capacity building services, the CASI Secretariat launched the CASI Academy, an online learning platform that uses AI technologies to provide the knowledge and training on sustainable finance and investment in an innovative way. Two modules of the introductory course were also launched for free access immediately after the event, with more courses to come later this year. CASI aims to develop more than 100 modules in the next few years and to deliver capacity building services to more than 100,000 people by 2030, which will be mainly through this online platform.

Sheikh Ahmad Al-Thani, Assistant Governor of the Qatar Central Bank, noted that QCB has established ESG as a cross-cutting theme to enhance competency and create an environment that drives meaningful change. He stated, "Through robust regulation, we can foster an environment where sustainable initiatives drive innovation and where capital is allocated in ways that effect meaningful change."

Yousuf Mohamed al-Jaida, Chief Executive Officer of Qatar Financial Centre emphasized Qatar's ambition to emerge as a leading business and sustainability hub. He thanked CASI for organizing the event and outlined Qatar’s proactive measures in reducing its carbon footprint while promoting economic growth through the green transition. He highlighted the importance of enhancing sustainable finance capabilities through a supportive regulatory framework, accessible financial instruments, and responsible investment education. Aligning the financial sector with global standards, advancing digital innovation, and promoting Islamic finance are crucial for fostering a resilient and forward-looking financial system.

Yaseen Anwar, Former Governor of the State Bank of Pakistan and Central Asia Chair of Green Investment Principles (GIP), remarked that Qatar has played a pivotal role in advocating for sustainable finance. He reflected on lessons learned from the Global Financial Crisis and COVID-19, emphasizing the need to build a more resilient world in the face of escalating climate risks. He identified infrastructure and access to finance as key enablers.

Mahamadou Tounkara, Regional Director, MENA at the Global Green Growth Institute, highlighted the importance of greening financial systems and developing robust pipelines of market-ready green projects, including green bonds and sukuk. He stated that strategic partnerships for increased international cooperation are crucial for achieving a people-centered, just transition that leaves no one behind.

Sonia Gandhi, Senior Director of Education at CFA Institute, identified three key enablers for change: education, engagement, and regulation. Sa’d Abdel-Halim Shannak from the Qatar Environment and Energy Research Institute (QEERI), HBKU, addressed the need for major transformations in industries for a successful low-carbon transition, noting that funding remains a critical issue.

Over 30 speakers at the event addressed a range of topics centered on sustainable finance in the MENA region, focusing on market dynamics, policy frameworks, and capacity building. This gathering represented a significant step in bringing together global and regional leaders to foster a collaborative approach toward a sustainable and economically prosperous future.

Key discussions highlighted the role of transition finance and the critical importance of innovative financial products, such as blended finance, in supporting green technologies and decarbonization of many high-GHG sectors, such as energy, transport and industries. Speakers also addressed how long-term strategies, such as ESG ratings and a green taxonomy tailored to local economic sectors, can help align with sustainable development goals. 

Discussions on carbon markets revealed a growing commitment among nations to address emissions through the adoption of emission trading systems. Political leaders, especially in the GCC, are showing a keen interest in carbon markets as part of their net-zero strategies, aiming to cultivate cleaner industries alongside traditional petrochemical sectors. The anticipated transition in other markets, such as China to an absolute cap on emissions, is also expected to positively impact market dynamics.

As one of the largest sustainability forums hosted in this region, CASI announced a few more scheduled events in the next half year, including events during COP29, for Africa and Southeast Asia, and actively responded to the strongly interest of collaboration on future Sustainability Forum and the CASI Academy, such as the development and distribution of the online courses.

About The Capacity-building Alliance of Sustainable Investment (CASI):

The Capacity-building Alliance for Sustainable Investment (CASI) is an international cooperation platform aiming to deliver higher-quality and higher-impact sustainable finance capacity building services for developing countries, via developing a “global aggregator and distributor of sustainable finance knowledge”.  Since its official launch in December 2023, CASI has 60 member institutions including financial companies, associations, NGOs, service start-ups and higher education institutions, covering Southeast Asia, Latin America, Africa, the Middle East and other emerging markets.

For more information about our members and CASI, please visit our website: www.casi.net.

About The Institute of Finance and Sustainability (IFS):

The Institute of Finance and Sustainability (IFS) is a non-profit research institution specialized in the issues of ESG investment, natural capital, green technology innovation, and the low-carbon transition. Its mission is to advance green finance and sustainable development in China and beyond, through high-quality research on green finance policies, markets and products. It aims to become a globally recognized think tank and make substantial contribution to international efforts to conserve nature and combat climate change. 

About the Industrial and Commercial Bank of China Doha (QFC) Branch (“ICBC Doha Branch”)

ICBC Doha Branch registered at Qatar Financial Centre in 2008. It is the first Chinese bank branch established in Qatar. It was authorized as sole RMB clearing bank in Qatar in 2015, the first RMB clearing bank in the Middle East and North Africa. Became CIPS direct participation bank in 2021. The business covers commercial banking and investment banking. Relying on ICBC's international network and professional service advantages, it provides comprehensive financial services for enterprises in the region. In November 2022, ICBC Doha Branch launched the first Green Finance Framework among ICBC overseas branches.

About Qatar Financial Centre (QFC)

The Qatar Financial Centre (QFC) is an onshore business and financial Centre located in Doha, established by Law No. 7 of 2005 of the State of Qatar. A world-class platform for companies, QFC offer its own legal, regulatory, tax and business environment, contributing to the decisive economic development and diversification prescribed by Qatar National Vision 2030. Supported by QFC’s broad range of legal and regulatory services, regulated and non-regulated, that align with international best practice, domestic and international companies can set up or expand their business in Qatar.

Media Contact:

Secretariat of CASI
Email: casi@ifs.net.cn

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