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Middle East could attract more US investment in renewables and clean tech, says survey

Nearly 30% of surveyed investors favor Saudi Arabia for clean energy investment.

Middle East could attract more US investment in renewables and clean tech, says survey
[Source photo: Anvita Gupta/Fast Company Middle East]

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COP28 presented a crucial opportunity for the Middle East to draw substantial investment, boost their economies, support a sustainable future, and reinforce its role as a global clean energy leader. 

A recent survey reveals more than four in ten US investment firms are poised to increase their investments in the Middle East if countries increase their investments in renewables and clean technologies.

According to Sapio Research, 41% of surveyed firms would invest more in the region if nations like the UAE, Saudi Arabia, and Qatar show “a clear commitment at COP28 to hitting the international community’s climate goals.”

This sentiment is even stronger when it comes to individual country action, with half of the 500 firms surveyed indicating they would invest more if these countries “increase their investments in and policy for renewable and clean technologies.”

Among the potential investment destinations, Saudi Arabia emerged as the most appealing, with 29% of respondents favoring it for clean energy investment. The UAE and Qatar followed closely, garnering 28% and 26% of the vote, respectively.

Almost all respondents (88%) are presently involved in renewable investments, while 75% have previously invested in the region.

Dr Nathalie Jones, policy advisor at the International Institute for Sustainable Development, said: “This data illustrates that US investors are closely watching how Middle Eastern leaders maneuver on clean energy during the UN climate talks, COP28, and will be moving their money according to the outcomes,”

“Global investors are training their eyes on the outcome of COP28,” she added.

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