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Friday, July 19, 2024

Green investments have the potential to propel the GCC economy to $13 trillion by 2050.

A recent report, the Gulf Investment Report 2023 by Century International Holdings, suggests that investing in green and sustainable initiatives could boost the Gulf countries’ Gross Domestic Product (GDP) to $13 trillion by 2050, doubling the anticipated $6 trillion GDP projection for the region. Currently, the combined GDP of GCC states stands at $2 trillion and is initially expected to reach $6 trillion by 2050. Achieving this $13 trillion potential hinges on embracing a green growth strategy.

The report highlights green and blue hydrogen production as a key focus area for the GCC countries. Moreover, the region could attract up to $300 billion in foreign direct investment (FDI) by positioning itself as the hub for global value chains (GVC) shifting toward resilient and sustainable industries. Issam Abou Sleiman, Regional Director of World Bank in the MENA region, emphasized the accelerated transition to a low-carbon economy driven by factors like high oil and gas prices and the need for enhanced energy security.

Renewable energy sectors are expected to witness substantial investments, and the GCC has the potential to become a leading producer of green and blue hydrogen with the right regulatory and policy frameworks. Some Gulf nations have already been channeling investments into green and sustainable projects to reduce carbon emissions. For instance, the UAE has committed over $40 billion to clean energy in the past 15 years and plans to invest an additional $163.5 billion in clean and renewable energy sources over the next three decades. This commitment is evident in the UAE’s recent launch of its first utility-scale wind farms, capable of powering 23,000 homes.

(Courtesy ZAW)

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