COP28 in Dubai: The landscape of climate commitments in the GCC

COP28 in Dubai: The landscape of climate commitments in the GCC

As COP28 heads to the UAE, all eyes will be on the sustainability credentials of the region. The Path to COP28, originated by the Global Ethical Finance Initiative (GEFI) and supported by Refinitiv, is a 12-month campaign which is building momentum from the regional and international finance industry ahead of the summit.

In this piece, we take a quick look at the current state of play in terms of climate commitments from the GCC, exploring their net zero targets and the concrete plans that lie behind them.

Overview of commitments

Until the Paris Climate Agreement in 2015,Gulf Cooperation Council (GCC) states had little impetus to accelerate their climate commitments. Since then, GCC members have ramped up their efforts and developed their own national climate strategies.

Five of the six of Gulf states have pledged to reach net-zero by 2060 or earlier. All members recognise the importance climate-related risks and the impact of greenhouse gas (GHG) emissions.

Although members have pledged specific national commitments, the development, implementation and monitoring of policies vary from member to member. They also recognise that developing a post-carbon transition will be essential to their long-term economic diversification.

Green investment in agriculture and food, construction, power, transport, water, and waste management sectors can