Muscat – Organised by the Oman Economic Association in collaboration with the Gulf Development Forum, the two-day meeting will address critical issues related to climate change and the economic development of the Gulf region.

The event is being attended by high-level officials in the fields of energy, economy, and environment from the GCC countries. A key focus of the meeting is on the policies and technologies required for the Gulf states to confront the challenges posed by energy transformation and climate change. The discussions will also cover the commitments of the Gulf countries in relation to international climate agreements, particularly the Conferences of the Parties, and the economic and political roles of clean energy sources such as renewables, nuclear energy, and hydrogen.

During the first day of the meeting, several working papers were presented in three sessions, which explored topics including the necessary policies and technologies for climate change mitigation, the future of climate change management, and the role of behavioural sciences in addressing climate change within the GCC. The sessions also reviewed the commitments of the Gulf countries in terms of climate adaptation and their participation in the developments of the global climate framework.

Dr. Khalid bin Saeed Al Amri, Chairman of the Oman Economic Association, highlighted the unprecedented global transformations occurring as climate change emerges as one of humanity’s biggest challenges. Citing reports from the Intergovernmental Panel on Climate Change (IPCC), Dr. Al Amri emphasised that the Earth’s average temperature has risen by 1.1°C compared to pre-industrial levels, with potentially devastating effects on ecosystems and economies. He warned that if global emissions continue at their current pace, the 1.5°C threshold could be surpassed by 2030.

The Gulf countries, which account for about 25 percent of global oil production, are significant contributors to global emissions. In 2022, emissions from GCC countries reached approximately 1.5 billion tons of carbon dioxide annually, representing about 4 percent of global emissions. However, these countries are also among the most vulnerable to the impacts of climate change. Studies predict that temperatures in the Gulf region could rise by 2.5°C by the end of the century, worsening issues such as water scarcity, rising sea levels, and increased dust storms and droughts.

Dr. Al Amri also noted the substantial economic costs associated with climate change. In 2022 alone, global economic losses from climate-related natural disasters totalled nearly $270 billion. In the Gulf region, failure to take effective climate action could result in economic losses of 2 percent to 5 percent of GDP by 2050. However, he stressed that challenges also present opportunities. The GCC countries have the potential to lead the transition to a green economy, with investments in renewable energy expected to reach $100 billion by 2030. This shift could reduce emissions by up to 20 percent in some Gulf countries.