TOWARD A SUSTAINABLE (GREEN) FINANCE IN THE GCC: A COMPARATIVE ANALYSIS OF THE ROLE OF THE ESG AND FINANCIAL SECTORS IN SAUDI ARABIA, QATAR, AND UAE

Abstract

This dissertation explores the context of sustainable (green) finance in the Gulf Cooperation Council (GCC) by examining the role of ESG and financial sectors in three GCC countries, including Saudi Arabia, Qatar, and the UAE. Given the rise of the significance of the ESG and financial sectors, the dissertation selected those three countries for their high capital in their financial sectors, including central banks, capital market authorities, Sovereign Wealth Funds (SWF), and some of their green banks. While the dissertation presented the transformation from Corporate Social Responsibility (CSR) to Environmental, Social and Governance (ESG) in the first chapter, it then focused on sustainable finance and economic diversification to lay the background for the findings. In the third and last chapter, the dissertation details the ESG and financial sectors in Saudi Arabia, Qatar and the UAE. The findings indicate the growing significance of the ESG, especially in encouragement by central banks and requirements in capital market authorities, and its adoption in SWFs and some banking institutions focused on green strategy. The ESG and sustainable finances appeared to be tools in investments; however, while Saudi Arabia, Qatar, and the UAE have similar orientations in this regard, they are independent in this financial policy with some intention to offer a collective approach.