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UAE urges more financing for decarbonization in GCC 

Calling for mutual cooperation among GCC nations, Dr Sultan Al Jaber, said that investments will ensure sustainable economic development

UAE urges more financing for decarbonization in GCC 
[Source photo: Anvita Gupta/Fast Company Middle East]

The GCC countries are accelerating their renewable energy capacity rapidly, but there is a greater demand for capital allocation to scale up the energy transition from fossil fuels to greener ones. 

Addressing the GCC Industrial Co-operation Committee and GCC Ministerial Committee for Standardisation meetings in Muscat, Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and President-designate for COP28, called for increasing investments in the GCC countries for energy transition and decarbonization strategies. 

He said increasing investments in decarbonization strategies would aid climate action and pave the way for sustainable economic development in important sectors, including industries. 

“As the UAE prepares to host COP28, we stress the importance of fraternal cooperation to bolster climate action,” said Dr Al Jaber. “It is critical that countries in the Gulf work together to increase investments in the energy transition and decarbonization.”

He also called for strengthening cooperation among the GCC countries and emphasized UAE’s commitments. 

“The meetings reaffirm the deep relations among the GCC countries, especially in the industrial sector, which plays an important role in sustainable economic growth within the Gulf region, ” he said. “The GCC represents a model for multinational cooperation that achieves effective, sustainable economic development.”

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