Gulf states chart own investment course in climate finance

Al-Monitor Pro Members

Sebastian Castelier

Business journalist covering Gulf economies

Nov. 18, 2022

Who should foot the bill for weather events caused by climate change? The United Nations estimated that between $1.6 and $3.7 trillion a year in total climate finance flows are needed to transition to a net-zero-emission and resilient global economy by 2050.  

The divisive issue took center stage at the 2022 UN climate summit (COP27) in Sharm El Sheikh, notably a 2009 commitment by developed countries, historically the world’s top polluters, to mobilize $100 billion per year to climate action in emerging economies. However, Gulf states have been charting their own course, historically via charities but increasingly via their sovereign wealth funds, to acquire assets across emerging economies.