DOHA: In line with the Third Financial Sector Strategy and the ESG (environmental, social and governance) and Sustainability Strategy for the Financial Sector, and aimed at enhancing transparency in sustainability disclosures within the financial sector, the Qatar Central Bank (QCB) issued the ‘Sustainability Reporting Framework’ for financial institutions, in accordance with the International Sustainability Standards Board (ISSB) standards, yesterday.
The standards will be implemented gradually through a series of transitional reliefs to ensure the readiness of financial institutions to adopt them efficiently and effectively. Implementation will commence on January 1, 2026.
The standards require disclosures across four core pillars as governance (processes, controls, and procedures used to oversee and manage sustainability and climate-related risks and opportunities); strategy (the impact of sustainability and climate-related risks and opportunities on the financial institution’s strategy and decision-making); risk management (how sustainability and climate-related risks and opportunities have been identified, assessed, monitored, and integrated into the overall risk management system); and metrics and targets (the financial institution’s performance toward sustainability and climate-related targets, whether set internally or required by relevant laws or regulations).
