The Gulf Cooperation Council (GCC) nations have announced a major investment of $100 billion in renewable energy [1] by 2030. This ambitious plan aims to significantly reduce carbon emissions by up to 20% and position the GCC as a key player in global sustainability efforts.
The announcement was made during the 43rd meeting on ‘Future Climate Change Management and Economic Development in the Gulf States’ held in Muscat. Energy and environment experts from GCC countries attended the event, highlighting the urgent need for climate action in the region.
Despite being responsible for around 25% of global oil production, the GCC nations also contribute significantly to carbon emissions, accounting for approximately 1.5 billion tonnes of CO2 annually. However, these countries are among the most vulnerable to climate change impacts, including rising temperatures, water scarcity, and sea level rise.
Dr. Khalid bin Saeed al Amri, Chairman of the Omani Economic Association, emphasized the economic consequences of climate inaction. “Global economic losses from climate-related disasters reached nearly $270 billion in 2022. In the Gulf region, failure to adopt effective climate measures could result in losses of up to 5% of GDP by 2050,” he said.
The $100 billion investment will focus on adopting clean energy sources such as renewables, nuclear energy, and hydrogen. This transition aligns with the commitments made under international climate agreements like the COP summits.
The two-day meeting, organized by the Omani Economic Association in collaboration with the Gulf Development Forum, also addressed the policies and technologies needed to overcome the challenges of energy transformation. Sessions covered topics such as climate mitigation strategies, the role of behavioral science in climate action, and the evolving global climate framework.
The GCC nations see this investment as an opportunity to lead the transition to a green economy and mitigate the adverse effects of climate change. By 2030, the region aims to significantly reduce its carbon footprint and contribute to global sustainability efforts.
Sources:
[1] GCC nations to invest $100bln in renewable energy by 2030. https://www.zawya.com/en/economy/gcc/gcc-nations-to-invest-100bln-in-renewable-energy-by-2030-t65hwg9j