Artemas Wealth Management

COP28 controversy and the challenge of energy transition in the Gulf

16 January 2024

The COP28 in Dubai marked the second time a COP has been hosted in the Gulf region since 2012. The selection of the United Arab Emirates (UAE) as host raised questions not only about its ability to deliver on the COP agenda but also drew attention to its socio-economic context and its equitable contribution to addressing climate change.

Perhaps there is a silver lining: In this article, the author from Chatham House suggests that by adopting a strategy of diversifying from heavy dependence on a single commodity, and as the world divests from fossil fuiels, Gulf countries may avoid costly consequences of delayed action.

"This transition will be challenging, but the region can harness its financial capacities and transferable skills to gradually transition to a post-oil, climate-compatible economy."

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