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Future of Gulf countries amid the energy transition

In this interview given to CNBC Arabia, Dr Carole Nakhle, CEO of Crystol Energy, discusses the dynamics that the Gulf countries will face during the energy transition.

She is joined by Francesco La Camera, Director General at IRENA, Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda, and Haitham Al-Ghais, Secretary General at OPEC.

Dr Carole Nakhle discusses the dynamics that the Gulf countries will face during the energy transition in this interview with CNBC

Key messages:

  1. Gulf countries are known for their high dependence on oil and gas revenues. Economic diversification has gained momentum in the region but more work is still needed.
  2. In energy, the region is also trying to diversify its energy mix which is largely dependent on oil and gas. Less dependence on oil and gas will reflect in lower carbon emissions – a step that is globally welcomed.
  3. Investments in energy are capital intensive. In the Gulf region, oil and gas revenues are recycled to increase investment in clean energy technologies including solar, wind, nuclear, hydrogen and carbon capture and storage (CCS).

Watch the interview (in Arabic)

Related Analysis

The energy transition and the risk of resource nationalism“, Dr Carole Nakhle, Sep 2021

Masdar – energy transition in action“, Dr Carole Nakhle, Sep 2021

Clean Energy and Fossil Fuels in the Middle East: A Virtuous Cycle?“, Dr Carole Nakhle, Jun 2020

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Middle East oil and gas producers’ stance on energy transition“, Dr Carole Nakhle, Sep 2021

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