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

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

Muscat Daily08-02-2025

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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Revenue of 3-5 star hotels in Oman exceeds OMR109 million
Revenue of 3-5 star hotels in Oman exceeds OMR109 million

Times of Oman

time4 hours ago

  • Times of Oman

Revenue of 3-5 star hotels in Oman exceeds OMR109 million

Muscat: Revenue from 3-5 star hotels in the Sultanate of Oman saw a 17.3% increase by the end of April 2025, reaching OMR109,213,000, compared to OMR93,094,000 during the same period in 2024, according to statistics released by the National Centre for Statistics and Information (NCSI). The statistics indicate that this growth is attributed to an 8.6% 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. Additionally, the occupancy rate increased from 53.4% by the end of April 2024 compared to 61.1% by end of April 2025, marking a 14.4% growth. The number of guests from Oceania surged by 57.8%, totaling 18,124 visitors, followed by Africa with a 57.6% increase, reaching 5,993 guests. European guests rose by 19.9%, totalling 314,535 visitors. Meanwhile, guests from the Americas increased by 19.1%, reaching 28,843 visitors, while GCC nationals saw a 12.6% increase, totaling 53,642 guests. Asian nationalities recorded a 5.4% rise, with 114,426 visitors. Conversely, the statistics revealed a 0.7% decline in Omani guests, totalling 238,895 visitors by the end of April 2025. Additionally, guests from other Arab nationalities decreased by 2.3%, recording 32,072 visitors.

Next Iran-US indirect talks planned for Sunday in Muscat
Next Iran-US indirect talks planned for Sunday in Muscat

Observer

time7 hours ago

  • Observer

Next Iran-US indirect talks planned for Sunday in Muscat

Iran's foreign ministry has said a new round of nuclear talks with the United States is being planned for Sunday, after President Donald Trump said it was expected on Thursday. "The next round of Iran-US indirect talks is being planned for next Sunday in Muscat," foreign ministry spokesman Esmaeil Baqaei said in a statement Tuesday, adding foreign minister and chief negotiator Abbas Araghchi would this week attend the Norway's Oslo Forum, a gathering of conflict mediators. Iran and the United States have held five rounds of talks since April to thrash out a new nuclear deal to replace the 2015 accord with major powers that Trump abandoned during his first term in 2018. On May 31, after the fifth round of talks, Iran said it had received "elements" of a US proposal for a nuclear deal, with Araghchi later saying the text contained "ambiguities". Iran said on Monday the US proposal was "lacking elements" reflective of the previous negotiations and that it would present a "reasonable, logical and balanced" counter-proposal to the United States through mediator Oman. Trump has said new US-Iran talks this week could clarify if a nuclear deal is possible to avoid military action. He added that the latest meeting with Iran was expected Thursday, although a source familiar with preparations said it would more likely be on Friday or Saturday. Iran and the United States have recently been locked in a diplomatic standoff over Iran's uranium enrichment, with Tehran defending it as a "non-negotiable" right and Washington calling it as a "red line". Iran currently enriches uranium to 60 percent, far above the 3.67-percent limit set in the 2015 deal and close though still short of the 90 percent needed for a nuclear warhead. Western countries, including the United States, have long accused Iran of seeking to acquire atomic weapons, while Tehran insists its nuclear programme is for peaceful purposes.

$5 billion boost for Shariah housing in Oman and GCC
$5 billion boost for Shariah housing in Oman and GCC

Observer

time20 hours ago

  • Observer

$5 billion boost for Shariah housing in Oman and GCC

MUSCAT: A major regional investment firm aims to accelerate the development of affordable, Shariah-compliant housing in Oman and the wider GCC, following a new strategic partnership between international finance institutions. BCIB Holding Co, Ltd, a Thailand-based financial service and investment banking firm, has acquired a 20 per cent stake in Amwalus Finance LLC, a US-incorporated financial institution with strategic operations in Oman, aligning both companies to jointly scale ethical housing finance solutions across the region. The investment is supported by a $5 billion Medium Term Note (MTN) issued by Bastion Commonwealth Investment Bank, the banking arm of BCIB Holding. According to BCIB Holding Co, the proceeds from the MTN will be used to finance housing projects that adhere to Islamic finance principles, addressing the growing demand for inclusive and affordable residential solutions in Oman and neighbouring Gulf countries. The agreement was formalised in a signing ceremony between Low Chun Keong, Managing Director of BCIB Holding, and Wassem Mesto, Managing Director of Amwalus Finance LLC, a wholly owned subsidiary of US-based Amwalus Trust. The ceremony was also attended by Dr Chutamas Vongvorakit, Co-founder and Chief Financial Officer of BCIB Holding. 'This strategic investment, backed by institutional financing through Bastion Commonwealth Investment Bank, underscores our commitment to fostering inclusive and sustainable development in Oman and across the region,' said Low. Amwalus Finance focuses on Shariah-compliant financing for affordable housing. With the new capital injection and support from its strategic partner, the company plans to expand its housing solutions across the GCC, targeting underserved communities. Wassem Mesto welcomed the partnership as a milestone for the company's mission. 'We are proud to welcome BCIB Holding as a key strategic partner in our mission to provide dignified, affordable housing guided by Islamic finance principles,' he said. 'With this collaboration, and the support of Bastion Commonwealth Investment Bank, we are well-positioned to scale our impact across the GCC and meet the growing demand for ethical, inclusive housing solutions.' The alliance reflects BCIB Holding's broader goal to promote long-term socioeconomic development through innovative Islamic financial instruments, with a particular focus on infrastructure and housing. Oman, which is advancing national priorities under Vision 2040, is expected to be a central focus of these investments.

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