logo
GCC nations to invest $100bln in renewable energy by 2030

GCC nations to invest $100bln in renewable energy by 2030

Zawya10-02-2025

Muscat – Gulf nations have announced plans to invest US$100bn in renewable energy by 2030, aiming to cut emissions by up to 20% as part of their transition to sustainable energy.
The announcement was made at the 43rd meeting on 'Future Climate Change Management and Economic Development in the Gulf States', which concluded in Muscat on Saturday and was attended by energy and environment experts from GCC countries.
The Gulf Cooperation Council (GCC) nations, which produce around 25% of global oil, also contribute significantly to carbon emissions, accounting for approximately 1.5bn tonnes of CO2 in 2022, or 4% of global emissions.
However, the countries are among the most at risk from climate change impacts, including rising temperatures, water scarcity, and sea level rise. Projections indicate that Gulf temperatures could rise by up to 2.5°C by the end of the century, intensifying challenges like droughts and dust storms.
Dr Khalid bin Saeed al Amri, Chairman of the Omani Economic Association, highlighted the economic consequences of climate inaction.
'Global economic losses from climate-related disasters reached nearly US$270bn 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.
Despite these risks, the Gulf states see an opportunity to lead the transition to a green economy. Amri added that the US$100bn renewable energy investment would position the GCC nations as key players in global sustainability efforts.
'This transition focuses on adopting clean energy sources such as renewables, nuclear energy, and hydrogen, alongside fulfilling commitments to international climate agreements like the COP summits.'
The two-day meeting, organised 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, behavioural science's role in climate action, and the evolving global climate framework.
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Oman hotel revenue hits $284m as visitor numbers up 8.6%
Oman hotel revenue hits $284m as visitor numbers up 8.6%

Arabian Business

time17 minutes ago

  • Arabian Business

Oman hotel revenue hits $284m as visitor numbers up 8.6%

Oman's revenue from three to five-star hotels by the end of April 2025, reached OR109,213,000 ($283.7m), according to statistics released by the National Centre for Statistics and Information (NCSI). This is an increase of 17.3 per cent compared to OR93,094,000 ($242m) during the same period in 2024. The statistics indicate that this growth is attributed to an 8.6 per cent rise in the total number of hotel guests, recording 831,751 guests by the end of April 2025, compared to 766,153 guests in the corresponding period in 2024. Oman tourism growth Additionally, the occupancy rate increased from 53.4 per cent by the end of April 2024 compared to 61.1 per cent by end of April 2025, marking a 14.4 per cent growth. The number of guests from Oceania surged by 57.8 per cent, totalling 18,124 visitors, followed by Africa with a 57.6 per cent increase, reaching 5,993 guests. European guests rose by 19.9 per cent, totalling 314,535 visitors. Meanwhile, guests from the Americas increased by 19.1 per cent, reaching 28,843 visitors, while GCC nationals saw a 12.6 per cent increase, totalling 53,642 guests. Asian nationalities recorded a 5.4 per cent rise, with 114,426 visitors. Conversely, the statistics revealed a 0.7 per cent decline in Omani guests, totalling 238,895 visitors by the end of April 2025.

China extends visa-free entry to four GCC countries
China extends visa-free entry to four GCC countries

Tourism Breaking News

time2 hours ago

  • Tourism Breaking News

China extends visa-free entry to four GCC countries

Post Views: 35 China has launched a trial policy granting unilateral visa-free entry to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, expanding its visa-free access list to 47 countries, as per the recent report. Effective until June 8, 2026, the policy allows ordinary passport holders from these four Gulf Cooperation Council (GCC) countries to enter China visa-free for up to 30 days for business, tourism, family visits, cultural exchange, and transit. The policy has been warmly received across the Gulf region and is expected to enhance bilateral exchanges, strengthen cultural and people-to-people ties, and drive broader cooperation between China and the GCC. Currently, around 20 direct flights operate weekly between key Chinese cities—including Beijing, Shanghai, Guangzhou, and Shenzhen—and Saudi cities like Riyadh and Jeddah. The UAE is connected to 13 cities across mainland China through direct flights. This expansion marks a significant step in building economic and cultural relations between China and the Gulf states.

Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank
Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank

Gulf Today

time2 hours ago

  • Gulf Today

Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank

Nasdaq Dubai today welcomed the listing of a US$500 million Additional Tier 1 (AT1) Sukuk issued by Sharjah Islamic Bank (SIB). The perpetual, non-call six-year AT1 Capital Certificates were issued by SIB Tier 1 Sukuk IIND Ltd and are compliant with Basel III regulations. The issuance attracted strong interest from both regional and international investors, providing Sharjah Islamic Bank with additional capital to fuel its long-term growth plans. This latest transaction brings the Bank's total outstanding on Nasdaq Dubai to $2.5 billion across five listings. It also reinforces Dubai's strategic role in advancing the Islamic capital markets ecosystem. To mark the occasion, Ahmed Saad, DCEO of Sharjah Islamic Bank, rang the market opening bell at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Saad commented, 'The successful listing of our $500 million perpetual Additional Tier 1 Sukuk on Nasdaq Dubai marks a significant milestone in Sharjah Islamic Bank's strategic growth journey. This issuance reflects our strong fundamentals, robust investor confidence, and commitment to maintaining a solid capital base in line with Basel III requirements." Ali stated, "This listing reflects more than capital raising —it's part of a broader shift as regional institutions like Sharjah Islamic Bank lead the deepening of local debt markets. As demand for diversified, Shariah-compliant instruments continues to grow, Nasdaq Dubai is proud to serve as a trusted platform for innovation in Islamic finance. "The momentum we are seeing in Sukuk issuances signals a maturing financial ecosystem where local ambition meets global capital flows. SIB's continued engagement underscores the strategic role financial institutions play in building resilient, forward-looking capital markets across the UAE and beyond." With this listing, the total value of Sukuk listed on Nasdaq Dubai has reached $95.7 billion, underlining its status as one of the world's largest venues for Islamic fixed-income securities. Nasdaq Dubai's broader debt capital market has now surpassed $136 billion across 160 listings, reflecting growing international confidence in Dubai as a gateway for capital flows between the Middle East and the world. WAM

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store