Gulf States plan to invest $100 billion in renewable energy by 2030, aiming to cut emissions by up to 20 percent, reported Muscat Daily.
This was announced at the 43rd meeting on “Future Climate Change Management and Economic Development in the Gulf States,” which concluded in Muscat and was attended by energy and environment experts from the Gulf countries.
The Gulf countries, which produce about 25 percent of the world’s oil, are major contributors to carbon emissions, accounting for approximately 1.5 billion tons of carbon dioxide in 2022, or 4 percent of global emissions.
Climate Change Threats
However, the Gulf countries are also among the most vulnerable to the impacts of climate change, including rising temperatures, water scarcity, and sea level rise.
Projections suggest that Gulf temperatures could increase by up to 2.5 degrees Celsius by the end of the century, intensifying challenges such as droughts and dust storms.
Dr. Khalid bin Saeed Al-Amri, chairman of the Omani Economic Association, highlighted the economic consequences of climate inaction, noting that global economic losses from climate-related disasters reached nearly $270 billion in 2022.
He warned that failure to adopt effective climate measures in the Gulf region could result in losses of up to 5 percent of the gross domestic product by 2050.
Transitioning to Green Economy
Despite the challenges, Gulf countries see a unique opportunity to lead the transition to a green economy. Al Ameri emphasized that a $100 billion investment in renewable energy could position the region as a key player in global sustainability efforts.
Al Ameri further highlighted that this transformation centers on adopting clean energy sources like renewables, nuclear energy and hydrogen while also upholding commitments to international climate agreements, including the COP summits.
The two-day meeting, organized by the Omani Economic Association in partnership with the Gulf Development Forum, also explored the policies and technologies essential for overcoming the challenges of energy transition.
The sessions covered a range of topics, including climate mitigation strategies, the role of behavioral science in climate action and the evolving global climate framework.
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