The Sultanate of Oman has committed to achieving net-zero emissions by 2050, announcing its plan recently. The target involves reaching zero routine flaring by 2030 and a 7 per cent reduction in emissions by that year.
Overall, the GCC countries have a responsibility and are on track towards transitioning to low-emissions economies, according to experts.
According to PwC’s report on the Middle East, continued strong oil revenue across the GCC helps to maintain fiscal surplus, in turn enabling higher levels of spending which can be reinvested in renewables to help fund the energy transition, reducing the domestic consumption of hydrocarbons.
Public and private sector collaboration in the GCC and MENA will be essential to make this work, the report said.
According to the UN, net-zero emissions are key to reducing global warming under the 2015 Paris Agreement. The agreement calls for countries to achieve net-zero emissions by 2050.
In the region, the Sultanate of Oman has been also discussing ways of cooperation in the field of green finance, as the fund is concerned with supporting projects, programmes, policies and other activities related to the green economy, and is concerned with raising climate finance under the United Nations Framework Convention on Climate change.
The goal is to generate 20 per cent of its electricity from renewable sources by 2027.
Saudi Arabia pledged to achieve net-zero emissions by 2060.
The country has undertaken $1 billion in climate change initiatives as part of the Saudi Green Initiative programme, which seeks to establish a regional carbon capture and storage centre, an early storm warning centre and cloud seeding programmes as part of its efforts to create a greener future.
The UAE has established the Net-Zero by 2050 strategy, pledging to cut carbon emissions by 23.5 per cent, equal to 70 million tonnes by 2030.
Qatar has created a national climate change action plan to lower greenhouse gas emissions by 25 per cent by 2030 and liquefied natural gas facility carbon intensity by 25 per cent by the same year.
Qatar is the world’s largest producer of liquefied natural gas and aims to expand its production to 127 million tonnes annually by 2027.
Kuwait has pledged to reduce greenhouse gas emissions by 7.4 per cent by 2035. The country estimates greenhouse gas emissions at around 142 tonnes of carbon by 2035, 65 per cent more than in 2016. The 7.4 per cent cut would limit GHG emissions by nearly 11 tonnes to 132 tonnes.
Bahrain committed to net-zero emissions by 2060 and pledged a 30 per cent reduction by 2035, including investments in renewable energy, and carbon removal solutions.