Gulf countries could save up to $87 billion (£59.1bn) from lower gas and oil prices if they achieve their renewable energy targets by 2030.
That’s according to the International Renewable Energy Agency (IRENA) which added the nations could also save 11 million litres of water and 400 billion barrels of oil.
If the nations achieve their green targets, they could also reduce their carbon footprints by 8% during the same period while creating more than 200,000 jobs.
The ‘Renewable Energy Market Analysis: The GCC Region’ report highlights renewables, in particular solar, could be used as a cost competitive source of energy for desalination.
That’s the major use of fossil fuels in Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain and Oman, according to IRENA.
Adnan Z. Amin Director-General at IRENA said: “For the last several years already, GCC countries have been fashioning a critical role for themselves in the global shift to renewable energy.
“The economic and social rationale for the energy transition in the GCC has never been stronger. By maintaining their leadership in the energy sector and embracing their region’s abundance of renewable energy resources, GCC countries can ensure their own long-term economic and social prosperity through a clean energy future.”