Snapshot: Climate Action Builds In MENA

COP28 wrapped up in Dubai in December, with participants confident that a number of impactful decisions and commitments had been agreed. However, many countries in MENA have been taking strides towards more sustainable economies for several years.

- JASON LASRADO

While still a highly oil-dependent region, MENA has been making significant efforts to diversify its economies. According to the International Monetary Fund (IMF), which compared the GCC's dependency on oil between 2005-2010 and 20172022, there was a decrease from 48% to 31% in terms of GDP, 80% to 64% in regard to revenues, and around 72% to 61% when it comes to oil exports. However, The World Bank estimates that up to 100 million people will be at risk in MENA's coastal cities by 2030, with a global temperature increase of 1.5 degrees leading to 2-5% of the region experiencing heat extremes for longer periods of time.

Here, we take a closer look at how some MENA countries have been taking steps towards a greener future.

• The U.A.E.

The U.A.E. created its Green Development Council in June 2015 to manage the U.A.E. Green Agenda 2015-2030 and to ensure collaboration between federal and local authorities and stakeholders. In 2016, it began building its Sustainable Finance Framework to formalize agreements with financial institutions to achieve a green economy in line with the goals of the agenda, which it launched in 2021. Also, in 2016, the U.A.E. Climate Change and Environment Council was established, while the U.A.E. Net Zero by 2050 Strategic Initiative was launched in October 2021.

The U.A.E. Energy Strategy 2050 was launched in 2017 as the first unified energy strategy in the country and was updated in July 2023, setting goals for 2030 and ambitions to reach net zero by 2050. The updated strategy aims to increase the installed clean energy capacity from 14.2 GW to 19.8 GW by 2030. It also plans to achieve financial savings of $27.2 billion and mobilize investments between $40.8 billion and $54.5 billion by 2030.