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Wednesday, October 20, 2021

Global Sustainability Relies on Building of Green Economies


The College of North Atlantic – Qatar (CNAQ) hosted the UNESCO- UNEVOC Centre Qatar Seminar Series in its campus. As part of this series Dr. R. Seetharaman, CEO of Doha Bank spoke on “Environmental sustainability and Corporate Social Responsibility in Banking Sector” on 21st March 2017. The event was Chaired by Dr. Ken MacLeod, President CNA-Q and the introduction of Doha Bank CEO was given by Dr. Rupert Maclean, QAPCO Professional Chair of Vocational Studies and UNESCO chair on Technical and Vocational Education and Training and Sustainable development.

Dr. R. Seetharaman gave insight on global economies. He said “According to IMF Jan 2017 global growth is expected to be at 3.1 percent. Advanced economies are now projected to grow by 1.9 percent in 2017. Emerging and Developing economies growth is currently estimated at 4.5 percent for 2017. We need to anticipate what policy shifts could do for the world’s economic outlook. Technology, Consumerism and re- regulation define the Banking Sector. The capital rules for Banking sector are getting redefined and the financial markets are getting more volatile on account of the changing dynamics. Contentious issues are coming between developed and developing world on global trade and investment, also reflected in the recent G20 finance minister’s meeting. The lack of convergence between politics and economics could impact global growth. The global sustainability relies on building of green economies.”

Dr. R. Seetharaman highlighted on Global Warming. He said “The main causes of global warming include Increasing Population relying on limited resources, Increased Energy Needs, Increased Industrial Pollutants and Low use of renewable and less polluting energy resources. China is the world’s biggest emitter, responsible for 29% of global emissions in 2015. As the second biggest emitter, the US is responsible for 15% of global emissions in 2015. The EU is the world’s third largest emitter, responsible for 10% of global CO2 emissions in 2015 and India contributes 6.3% of global emissions. Of the 9.9bn tonnes of carbon in the form of CO2 emitted from fossil fuels in 2015, 41% came from coal, 34% from oil, 19% from gas and 5.6% from cement production. Of the total CO2 emissions in 2015, 44% stayed in the atmosphere plants absorbed 31% and the oceans 26%. The hurricanes and typhoons in recent years due to adverse climate change include Hurricane Bertha, Hurricane kathe, Typhoon Goni and Typhoon Sarika. The recent Abnormal El Nino in Peru unleashed deadly downpours.”

Dr. R. Seetharaman gave insight on sustainable development. He said “Corporate Social Responsibility (CSR) contributes to sustainable development in the areas such as Economic Growth, Social Development and environmental consideration. Banks as responsible corporate citizens should adopt Green Banking as part of Corporate Social responsibility (CSR) and Sustainable development. Green Banking considers all the social and environmental factors with an aim to protect the environment and conserve natural resources. The COP 21 Paris meeting had come up with agreement to reduce global warming. The Millennium development goals have got redefined under a new framework sustainable Development Goals (SDGs) which came into force from beginning of 2016 after adoption of the same at the United Nations Sustainable Development Summit in September 2015.”

Dr. R. Seetharaman highlighted on initiatives of Doha bank in CSR. He said “ Doha Bank Group as part of its Corporate social responsibility demonstrate fair, open, efficient and consistent business practices to mitigate climate change and promote sustainable development. It advocates and practices Green Banking, which is one of its core business philosophies that would support the sustainability into the future. It has tracked the developments pertaining to various Conference of the Parties (COP) meetings and involved with various COP meeting delegations including COP 18 in Doha. It has worked on “ECO-Schools Programme” with UNESCO which works with educational institutions to build awareness of key environmental issues and create action plans that are school-specific to help mitigate the overall impact on the environment. It has a dedicated Green Banking website of Doha Bank Doha Bank has also provided facilities for district cooling and for project financing for water projects. It has Doha Sooq, an e-commerce initiative of Doha Bank.”

In this concluding remarks Dr. R. Seetharaman highlighted the uncertain global scenario and challenges in implementing climate change reforms. However global sustainability should aim to address climate change issues and thereby build green economies.

The event also had a Question and Answer Session.

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