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Dukhan Bank Partners with the Gulf Organization for Research and Development to Boost Sustainable Financing Initiatives

Dukhan Bank Partners with the Gulf Organization for Research and Development to Boost Sustainable Financing Initiatives

Tuesday, November 21, 2023/ Editor -  

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The Gulf Organisation for Research and Development (GORD), a leading organization dedicated to promoting sustainability and climate change, and Dukhan Bank, a prominent Shari’ah-compliant banking service provider, have announced a significant partnership aimed at bolstering sustainable finance practices and fostering environmental and societal development in line with Qatar National Vision 2030 and the United Nations Sustainable Development Goals (SDGs).

 

The collaboration was formalized through a signing ceremony at the International Horticultural Expo 2023 Doha, further cementing the Expo’s status as a breeding ground for climate-focused collaborations and sustainable initiatives. 


The recent partnership between GORD and Dukhan builds upon the Memorandum of Understanding (MoU) inked between GORD and Dukhan Bank last year at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Sharm El-Sheikh, Egypt, and marks a milestone in the organizations’ commitment to realizing a sustainable and eco-friendly future. At the same time, it aligns with Dukhan Bank’s ESG strategy, to guarantee sustainable management of its banking operations, and enhance its capacity to lead banking institutions supporting transformation into a sustainable community.


In this occasion, Dr. Yousef Alhorr, Founding Chairman of GORD, said:
 “Our collaboration with Dukhan Bank serves as a model for how financial institutions can proactively channel their resources into sustainable, eco-friendly ventures. It will encompass various strategic elements, including the development of comprehensive frameworks tailored to sustainable finance. Simultaneously, it will focus on building the capacity of Dukhan’s employees, equipping them with the expertise needed to successfully implement these frameworks. Additionally, we are committed to raising awareness across the wider community, encouraging clients and investors to take full advantage of the sustainable finance offerings Dukhan Bank is putting in place.”


Mr. Talal Ahmed Al-Khaja, Chief Marketing & Communications Officer at Dukhan Bank, stated:
'We're delighted to partner with the Gulf Organization for Research and Development in establishing a foundation for a sustainable financial system. Recognizing the pivotal role of sustainable finance in attaining sustainable development goals and fostering balanced growth, we've actively embedded it into our business framework as a fundamental pillar of our ambitious ESG strategy. Moreover, we're glad to join hands with our partner institutions to raise awareness among community members and encourage our customers and investors to take advantage of our sustainable financing options, which aligns with the growing global momentum in financing climate action and sustainable development initiatives.'


From his part, Sheikh Mohammed Bin Abdulaziz Al-Thani, AGM – Head of Government & Environmental Social Governance (ESG) at Dukhan Bank, commented:
“The Sustainable Finance Framework, a pivotal initiative within this partnership, will be formulated by the Gulf Organization for Research and Development to assist Dukhan Bank in meeting its green finance requisites. This framework outlines clear and practical criteria to appraise projects seeking financing, ensuring their compliance with set conditions, assessing their environmental and societal impact, and establishing key performance indicators (KPIs) to measure the effectiveness of funded projects in reducing their carbon footprint through the implementation of sustainable practices.”


Furthermore, this partnership entails combining the efforts of both parties to enhance the comprehension of sustainable financing projects among the bank's staff. It involves furnishing them with the essential mechanisms and methodologies to appraise and bolster green projects. Additionally, it aims to facilitate the transfer of knowledge to ensure the bank's team is equipped to actively contribute to implementing sustainable financing initiatives and play a pivotal role in supporting Qatar's Sustainable Development Goals.


Through this forward-thinking collaboration, GORD and Dukhan Bank are set to catalyze the development of sustainable, environmentally responsible and socially conscious financial ecosystem in Qatar and the broader MENA region.


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