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Doha, Qatar: Visa, a world leader in digital payments, released the Qatar results of their ‘2023 Sustainable Commerce’ study today during the United Nations Climate Change Conference (COP28). The study scrutinizes consumer and business behaviors, and the readiness of infrastructure to support sustainable commerce. The survey reinforces the urgency for all industry stakeholders to take decisive collective action to promote sustainability through responsible innovation for the benefit of consumers, businesses and the economy.
Over two-thirds Qatari consumers believe that decarbonization is not limited to corporate entities, and individuals can make a difference. More importantly, in Qatar, survey respondents view climate change as a leading societal challenge (53%), followed by the rising cost of living (47%), and plastic pollution (39%).
In terms of environmental practices, Qatar consumers are leading in both water conservation and reducing paper usage (85%) and rank first in ethical sourcing by supporting local farmer’s market (73%) across the GCC. Additionally, Qatar takes the lead in reducing single-use plastics with a rate of 82%, surpassing the GCC average of 72%. Qatar shows robust awareness and support for NGOs promoting sustainability (63%), exceeding the GCC average of 53%, and excels in repurposing and sharing products within the community at 76%, compared to the GCC average of 68%.
A significant 72% of individuals have expressed their willingness to recommend banks that provide sustainable payment options. 70% of consumers stated that they chose a bank with strong green credentials. Moreover, 42% of the surveyed consumers expect their banks to guide them in making sustainable financial choices.
Interestingly, 52% of consumers also look to their banks to help them understand the environmental impact of their purchases.
In Qatar, parents of young consumers (8-18 years old) noted their children demonstrate a heightened receptiveness to sustainable practices and a greater environmental consciousness. Their adopted habits include switching off electrical appliances not in use (42%), washing dishes or laundry with cold water (37%), sharing products with others in community (35%), walking or cycling to places (26%), and opting for organic products (26%).
Shashank Singh, Visa’s General Manager for Kuwait and Qatar, said: “Over 42% of consumers in Qatar are turning to their banks for guidance in making more sustainable financial choices, highlighting the increasing demand for financial institutions to take an active role in promoting sustainability. In response to this need, Visa, in partnership with ecolytiq and QIB, has introduced the Eco Benefits Bundle. We are confident that these initiatives mark positive strides towards fostering sustainability through responsible innovation.”
