The Ministry of Environment and Climate Change and the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development signed today a joint cooperation agreement to coordinate efforts of common interest related to environmental sustainability and climate change in the State of Qatar.
Signed by HE Minister of Environment and Climate Change Sheikh Dr Faleh bin Nasser bin Ahmed bin Ali Al-Thani and HE Founder and Chairman of the Board of Directors of the Al Attiyah Foundation Abdullah bin Hamad Al Attiyah, the agreement aims to exchange experiences and information, provide resources, and enhance capabilities in the field of sustainable development, in addition to working to organize joint activities that contribute to enhancing scientific and technical cooperation to achieve the goals of both parties, sustain the environment and combat the effects of climate change.
This came on the sidelines of the two-day workshop on the “Cooperative Approaches in Article 6 of the Paris Agreement and Climate Finance Mechanisms” organized by the Ministry of Environment and Climate Change in cooperation with the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development, and attended by a number of officials and representatives of some government institutions and bodies, international and local organizations.
In remarks to Qatar News Agency on the sidelines of the workshop, HE the Minister of Environment and Climate Change confirmed that the national action plan for climate change aims to reduce greenhouse gas emissions by 25 percent in all sectors by 2030, noting the implementation of many initiatives, including improving the efficiency of energy, operating renewable energy plants, and introducing carbon capture and storage technologies, especially since implementing the goals of the national plan requires the use of carbon credits and international cooperation in this field, as well as the importance of knowledge exchange and technology transfer.
His Excellency added that the workshop shed light on Article 6 of the Paris Agreement related to green financing or carbon trading, pointing to the participation of the public and private sectors in the workshop in order to come up with unified recommendations ahead of the twenty-eighth Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28) scheduled to be held in the UAE later this year.
He pointed out that Article 6 of the Paris Agreement aims to guide countries to achieve their climate goals more effectively through the use of market-based approaches and cooperation between countries and public and private entities, adding that the State of Qatar, along with other countries, realizes that market-based mechanisms must have a central role in developing effective strategies to achieve the goals of the Paris Agreement, calling on all concerned parties, including the private sector, to initiate a comprehensive process towards this path.
He explained that voluntary carbon markets are an important solution to achieve carbon neutrality in companies that do not fall under the umbrella of mandatory emissions trading systems, pointing out that voluntary carbon credits allow emissions exporters to compensate by exchanging carbon credits from projects aimed at eliminating or reducing greenhouse gas emissions from the atmosphere.
His Excellency reviewed the effective steps taken by the State of Qatar to preserve the environment through hosting the FIFA World Cup Qatar 2022 as the first carbon-neutral tournament in the history of the World Cup, in addition to the opening of Al Kharsaah solar power plant, which was constructed over a 10-square kilometer, has more than 1,800,000 solar panels, and provides 10 percent of the country’s electrical energy.
Regarding environmentally friendly investments, His Excellency said that this field has witnessed development and growth over the past years, through international financial institutions providing the necessary resources to mitigate the negative effects of climate shocks, adding that green bonds are one of these modern financial products that have received increasing attention during the past period.
For his part, HE Founder and Chairman of the Board of Directors of the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development Abdullah bin Hamad Al Attiyah said confronting climate change is one of the greatest challenges facing humanity, recalling that the Paris Agreement, approved by 196 countries in December 2015, was hailed as perhaps the last hope for keeping earth planet safe.
He explained that the revenues from carbon taxes and Emissions Trading Systems (ETS) have reached $95 billion, according to the annual reports of the World Bank, saying it is impossible for countries that seek to reduce carbon emissions and adapt to the effects of climate change to ignore carbon markets, which have proven an effective policy and ability to remove it from various economic activities.
His Excellency noted the success of the Ministry of Environment and Climate Change in bringing together concerned parties in the public and private sectors to explore Qatar’s opportunities and its ability to manage carbon markets effectively, pointing out that this workshop contributes to enriching Qatar’s participation in the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28).
Source: Qatar News Agency