GCC well positioned to invest in green tech, sustainable infrastructure

Doha, Qatar: Qatar has made strategic investments to reduce its carbon footprint in line with the Qatar National Vision 2030. The Gulf Cooperation Cou...

Doha, Qatar: Qatar has made strategic investments to reduce its carbon footprint in line with the Qatar National Vision 2030. The Gulf Cooperation Council (GCC) with its financial resources and strategic vision is well positioned to be a leader in low carbon transition by fostering innovation, attracting private capital and embracing low carbon technologies.

The CASI Sustainability Forum, ‘Revamping Energy and Industry Landscapes: Financing the Accelerated Low-GHG Transition in the MENA Region’ was co-hosted by the Capacity-building Alliance of Sustainable Investment (CASI), the Institute of Finance and Sustainability (IFS), the Industrial and Commercial Bank of China, and the Qatar Financial Centre (QFC), yesterday for the second day with the theme of ‘Financial Support to Sectoral Low-carbon Transitions’.

Delivering the keynote speech, Dr. Sa’d Abdel-Halim Shannak, Researcher at Qatar Environment and Energy Research Institute (QEERI), Hamad Bin Khalifa University (HBKU)  highlighted the critical issue at the heart of global climate strategy, which is financial support for sectoral low carbon transitions. He also explained how GCC region can move towards a low carbon economy.

Across the globe, there is increasing recognition about global warming and achieving net zero targets and major sectors like energy, transportation, industry, must undergo significant transformation.

Highlighting the role of financial support of low carbon transition in the GCC, Dr. Shannak said, the GCC countries are very well known for their vast hydrocarbon resources. Historically the region’s economies have been fueled by oil and natural gas. However, as the world shifts toward the renewable and decarbonization, the GCC faces a big challenge, but also a big opportunity.