Investing in green energy can build tougher economies and competitiveness in gulf countries.
That’s according to government officials, international experts and development practitioners at a meeting organised by the World Bank.
They agreed energy efficiency and renewable energy investments have the potential to cut financial pressures and improve economic productivity and competitiveness.
The two-day event, ‘Tapping a Hidden Resource: Energy Efficiency and Renewable Energy in the GCC Countries’ looked at the scale of energy efficiency potential.
Discussions focused on the scale of energy efficiency potential in key electricity consuming sectors.
In particular buildings and industry were looked at as well as barriers to scaling up energy efficiency investments.
World Bank Director of Strategy and Operations for the Middle East and North Africa region, Gerard Byam said: “Countries in the GCC have an enormous potential to be more energy efficient.
“This requires extensive co-ordination by the government and engagement of all stakeholders.”